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A  HISTORY  of  the  ENDOWMENT 

of 

AMHERST  COLLEGE 


STANLEY   KING 


1950 

AMHERST    COLLEGE 

AMHERST,   MASSACHUSETTS 


COPYRIGHT,    1950,    BY    AMHERST    COLLEGE 


PRINTED    IN    THE    UNITED    STATES    OF    AMERICA 
BY   THE    PLIMPTON    PRESS    •   NORWOOD     •    MASS 


To  My  Wife 

MARGARET   PINCKNEY    KING 


PREFACE 

The  endowment  of  Amherst  College  today  provides  more 
than  half  the  income  necessary  for  the  College's  operations. 
Without  it  the  College  would  collapse,  unless  saved  by  gov- 
ernment grants.  The  care  of  the  endowment  is  the  responsi- 
bihty  of  the  Trustees.  It  is  their  most  serious  responsibility, 
except  for  the  rare  occasions  when  the  choice  of  a  new  pres- 
ident devolves  on  the  Board.  The  detailed  work  of  handling 
the  finances  of  the  College  is  the  work  of  the  Treasurer,  who 
reports  to  the  Board  through  the  Finance  Committee  of  the 
Board.  How  well  the  Trustees  of  Amherst  exercise  their  re- 
sponsibility for  the  care  of  the  College's  endowment  depends 
on  the  character  and  ability  of  the  Treasurer  and  on  the  char- 
acter and  ability  of  the  Finance  Committee. 

A  college  president  works  in  the  limelight.  His  actions  are 
under  constant  scrutiny  of  faculty,  trustees,  undergraduates, 
and  alumni.  He  is  a  public  figure.  A  college  treasurer's  work, 
on  the  other  hand,  is  done  in  the  privacy  of  his  office  and  in 
the  meetings  of  the  Finance  Committee.  How  well  he  and 
the  Finance  Committee  manage  the  endowment  is  not  read- 
ily apparent  except  after  careful  analysis. 

The  historians  of  the  College  have  told  us  little  of  the  work 
of  the  nine  treasurers  of  Amherst  and  of  the  members  of  the 
Board  who  have  served  the  College  on  its  Finance  Commit- 
tee. How  was  the  slender  endowment  invested  in  earlier 
days,  what  rate  of  income  did  it  produce  for  the  College, 
who  were  the  men  who  determined  investment  policy,  how 
carefully  did  they  scrutinize  the  work  of  the  treasurer's  of- 
fice? These  are  interesting  questions,  important  questions. 
In  effect,  how  well  did  the  Trustees  of  the  College  exercise 
their  prime  responsibility  for  the  care  and  preservation  of  the 

[v] 


College's  endowment  and  for  the  prudent  management  of  the 
finances  of  the  institution  during  its  life  of  almost  a  century 
and  a  half?  These  questions  the  alumni  of  Amherst  are  enti- 
tled to  ask,  the  public  is  entitled  to  ask;  for  the  College  to- 
day is  seeking  from  its  alumni  and  friends  substantial  gifts 
toward  its  support  each  year.  The  purpose  of  this  study  is  to 
give  such  answer  as  the  existing  records  afford. 

Stanley  King 
Amherst,  Massachusetts 
1948-1950 


VI 


CONTENTS 


Preface 

V 

Chapter  I 

BACKGROUND 

1 

II 

THE  CHARITY  FUND 

10 

III 

JOHN  LELAND 

24 

IV 

EDWARD  DICKINSON 

35 

V 

WILLIAM  AUSTIN  DICKINSON 

66 

VI 

G.  HENRY  WHITCOMB 
JOSEPH  W.  FAIRBANKS 

WALTER  M.  HOWLAND 

106 

VII 

HARRY  W.  KIDDER 

117 

VIII 

CHARLES  A.  ANDREWS 

157 

IX 

PAUL  D.  WEATHERS 

172 

X 

CONCLUSION 

193 

Acknowledgments 

207 

Notes  on  Source  Material 

208 

Appendix  1 

Charity  Fund  -  1822 

211 

2 

Charity  Fund  - 1828 

214 

3 

College  Investments  -  1875 

218 

4 

College  Investments  -  1896 

221 

5 

College  Investments  -  1948 

226 

6  Summary  of  Sales  of  Securities  1933-1948  231 

7  Analysis  of  Endowment  Funds  1933-1948  232 

8  Surplus  or  Deficit  Record  1899-1946  234 

9  Summary  of  Gifts  by  Administrations  236 

10  Alumni  Fund  1906-1949  237 

11  Members  of  Prudential  Committee  238 

12  Members  of  Finance  Committee  244 

Index  251 

[vii] 


Chapter  One 
BACKGROUND 


Treasurer  Paul  D.  Weathers  closed  his  books  on  June  30, 
1948,  for  it  was  the  close  of  the  college  year.  A  representa- 
tive of  a  New  York  firm  of  accountants  was  on  hand  to  begin 
the  careful  audit  of  the  college  books.  The  auditor  counted 
the  cash  in  the  till  and  set  down  the  total.  He  added  the  bal- 
ances in  the  bank  accounts.  The  result  of  this  simple  opera- 
tion in  arithmetic  showed  him  that  the  College  had  total  cash 
resources  of  $1,156,252.  The  following  morning  the  auditor 
would  accompany  the  treasurer  and  the  comptroller  to  the 
vaults  of  the  Springfield  Safe  Deposit  &  Trust  Company  to 
open  the  safe  rented  by  the  College  and  count  the  securi- 
ties. There  they  would  find  tied  in  neat  bundles  the  certifi- 
cates representing  the  endowment  of  the  College  and  of  the 
Folger  Shakespeare  Library,  with  a  total  book  value  of  over 
twenty  million  dollars.  Later  computations  would  indicate 
that  the  market  value  of  the  portfolio  was  some  15^2%  in  ex- 
cess of  the  book  value.  As  they  examined  and  counted  the 
certificates,  they  would  find  some  seven  million  dollars  in 
government  bonds,  some  seven  million  dollars  more  in  the 
common  stocks  of  industrial  corporations,  in  addition  to  rail- 
road bonds  and  stocks,  public  utility  bonds  and  stocks,  bank 
stocks  and  insurance  stocks.  It  takes  time  to  count  the  certifi- 
cates of  32,000  shares  of  Socony-Vacuum,  20,000  shares  of 
Standard  Oil  of  California,  and  18,000  shares  of  Standard 
Oil  of  New  Jersey.  And  the  treasurer  and  comptroller  and 
the  auditor  would  spend  most  of  the  business  day  in  the 
vaults  of  the  bank. 

Several  months  later  the  treasurer  would  present  to  the 

[1] 


Board  of  Trustees  of  the  College  his  annual  report  accom- 
panied by  the  certificate  of  Lybrand,  Ross  Bros.  &  Mont- 
gomery, auditors.  The  assets  held  by  the  Board  of  Trustees 
for  the  benefit  of  the  College  and  the  Folger  Shakespeare 
Library  would  appear  at  a  book  value  of  over  $33,000,000. 
The  debts  which  had  been  paid  during  the  first  few  days  of 
July  were  under  $4,000.  The  total  effective  income  of  the 
College  (excluding  the  Folger)  for  the  year  just  closed  had 
been  $2,050,778;  almost  a  quarter  more  than  the  entire  en- 
dowment of  the  College  when  I  graduated. 

Paul  D.  Weathers  is  the  ninth  treasurer  of  Amherst  Col- 
lege. From  his  desk  in  Walker  Hall  he  can  talk  at  will  with 
the  members  of  the  Finance  Committee  in  Boston,  New 
York,  and  Minneapolis,  who  guide  him  in  investment  policy. 
A  dozen  brokers,  with  memberships  on  all  the  exchanges  of 
the  country,  stand  ready  to  execute  his  buying  and  selling 
orders  given  by  telephone.  Every  day  he  is  in  touch  by  tele- 
phone with  the  current  position  of  the  market  on  the  New 
York  Stock  Exchange.  His  buying  and  selling  orders  in  the 
course  of  a  year  often  amount  to  two  million  dollars.  Each 
month  the  treasurer  visits  New  York  and  Boston  for  consulta- 
tions with  bankers  and  specialists  in  investment  research. 

The  College  has  come  a  long  way  since  the  day  when  John 
Leland  was  elected  the  first  treasurer.  The  country  has  come 
a  long  way.  It  is  one  hundred  and  twenty-nine  years  since 
the  College  opened  its  doors  to  its  first  class  in  1821.  To  un- 
derstand the  conditions  which  faced  the  men  who  founded 
Amherst,  and  raised  its  first  endowment,  so  pitifully  small, 
we  must  look  back  a  century  and  a  quarter  to  find  the  social 
and  economic  context  in  which  they  worked.  What  was  the 
condition  of  the  country  in  1821,  what  was  the  town  of  Am- 
herst like  when  the  College  came  into  being? 

James  Monroe  had  just  been  inaugurated  for  his  second 
term  as  President  of  the  United  States  when  Amherst  Col- 
lege opened  its  doors  for  its  first  class  in  1821.  The  genera- 
tion which  signed  the  Declaration  of  Independence,  fought 
the  War  of  the  Revolution,  made  up  the  Continental  Con- 
gress, and  framed  the  Constitution  was  passing  out  of  power. 
[2] 


Monroe  was  the  last  president  of  this  generation.  The  coun- 
try now  extended  from  the  Great  Lakes  to  the  Gulf  of  Mex- 
ico, and  from  the  Atlantic  to  the  Pacific.  The  twenty-four 
states  which  comprised  the  Union  had  a  population  of  a 
little  less  than  ten  million;  Massachusetts  ranked  seventh, 
with  just  over  half  a  million.  West  of  the  Mississippi,  the 
Missouri  Territory  extended  to  the  Rocky  Mountains,  and 
west  of  the  mountains  was  the  Oregon  Country  held  jointly 
with  Great  Britain  under  the  Convention  of  1818.  Florida 
had  just  been  added  to  the  United  States  by  the  treaty  with 
Spain  of  1819  which  had  been  ratified  by  the  Senate  on 
Washington's  birthday  in  1821.  And  one  of  Monroe's  first 
acts  was  to  appoint  Andrew  Jackson  to  the  Governorship  of 
Florida.  In  the  same  summer  Stephen  Austin  started  for  San 
Antonio  to  carry  forward  a  program  of  colonization  which 
was  to  have  momentous  results  later. 

Monroe  had  not  served  a  year  of  his  second  term  when 
serious  trouble  developed  with  Russia.  Before  1816  Russia 
had  had  no  settlement  south  of  fifty-five  degrees  on  the  Alas- 
kan coast,  but  in  that  year  she  established  a  settlement  in 
the  Hawaiian  Islands  and  another  a  short  distance  from  San 
Francisco.  Then  in  February  1822  the  Russian  Minister  in 
Washington  handed  the  Secretary  of  State  a  copy  of  an  Edict 
of  Czar  Alexander  claiming  jurisdiction  over  all  the  north- 
west coast  of  America  down  to  the  fifty-first  parallel,  and 
forbidding  foreign  vessels  to  land  or  in  fact  to  come  within 
one  hundred  Italian  miles.  When  the  Secretary  of  State  pro- 
tested this  unilateral  act  and  asked  why  the  boundary  was 
not  negotiated  by  treaty,  the  Russian  Minister  curtly  replied 
that  he  had  no  authority  to  discuss  the  matter. 

In  1821  Liberia  was  founded  by  The  American  Society  for 
the  Colonization  of  the  Free  People  of  Color  of  the  United 
States,  an  organization  promoted  by  public-spirited  citizens 
of  which  Bushrod  Washington  was  president  and  thirteen 
well-known  men  were  vice  presidents. 

The  country  was  in  the  midst  of  a  severe  depression,  fol- 
lowing the  panic  of  1819.  The  United  States  Bank  was  in  dif- 
ficulty as  early  as  1818,  but  the  storm  broke  in  full  force  in 

[3] 


1819.  The  prices  of  wheat,  corn,  and  cotton  dropped  within 
a  few  months  to  about  half  their  former  levels.  The  most 
acute  distress  occurred  in  the  Middle  Atlantic  States,  in  the 
South,  and  in  the  Ohio  Valley.  Banks  suspended,  commercial 
paper  paid  3%  per  month,  urban  rents  were  cut  almost  in 
half,  and  farm  lands  suffered  an  even  greater  drop  in  value. 
The  country  had  never  known  such  widespread  unemploy- 
ment; in  New  York  City  a  tenth  of  the  population  was  re- 
ceiving poor  relief.  The  prisons  were  filled  to  overflowing. 
New  England  was  not  so  hard  hit  as  some  parts  of  the  coun- 
try. In  some  states  special  laws  were  passed  to  protect  debt- 
ors. When  a  Kentucky  court  declared  such  a  law  unconstitu- 
tional, the  legislature  abolished  the  court  and  created  a  new 
one.  While  the  depression  lasted  longer  in  the  West  than  else- 
where, by  1823  conditions  were  again  about  normal  on  the 
eastern  seaboard. 

In  the  eastern  cities,  workmen  were  beginning  their  first 
attempts  at  organization.  The  years  of  rapid  industrial  growth 
had  produced  problems  which  called  for  reform.  The  work- 
ing day  was  from  sunrise  to  sunset,  with  two  breaks  for 
meals.  In  the  summer,  work  began  at  four;  at  ten  in  the  morn- 
ing an  hour  was  taken  for  lunch,  and  at  three  in  the  afternoon 
another  hour  was  taken  for  dinner.  After  that,  work  went  on 
until  sunset.  This  meant  a  working  day  of  some  thirteen 
hours.  An  unskilled  laborer  was  fortunate  if  he  received  sev- 
enty-five cents  a  day.  Many  were  glad  to  work  for  thirty- 
seven  or  even  twenty-five  cents  a  day  in  winter.  On  the  ca- 
nals and  turnpikes,  fifteen  dollars  a  month  and  found  was 
considered  good  pay  in  summer  and  one-third  that  in  win- 
ter. And  it  was  not  uncommon  for  men  to  work  for  their 
board  in  winter.  The  employment  of  women  was  restricted 
to  a  few  occupations,  and  fifty  cents  a  week  was  a  good  av- 
erage wage  for  women  at  the  time. 

Gas  as  a  method  of  street  lighting  was  adopted  by  Boston 
in  1822  and  in  New  York  in  1823.  But  elsewhere  lamps  were 
the  only  method  in  use.  Town  councils  were  loath  to  sanc- 
tion the  use  of  so  dangerous  an  innovation  and  one  likely 
to  injure  the  business  of  the  candlemakers  and  oil  dealers. 
[4] 


There  were  similar  problems  in  the  introduction  of  a  new 
fuel,  anthracite  coal,  for  the  heating  of  houses.  In  New  York 
the  company  marketing  coal  at  first  found  householders  so  re- 
luctant to  discard  andirons  and  spend  money  for  grates  that 
they  met  the  situation  by  giving  grates  to  new  customers  un- 
til the  economy  of  the  new  fuel  was  demonstrated. 

Meanwhile,  travel  had  been  revolutionized  in  the  score  of 
years  since  the  turn  of  the  century.  The  spread  of  steam  nav- 
igation and  the  development  of  a  system  of  turnpike  roads  on 
which  federal  and  state  governments  and  private  enterprise 
had  been  pouring  money  had  made  journeys  both  speedier 
and  more  comfortable.  The  old  delays  had  gone  forever. 
Stagecoaches  of  the  latest  model  rolled  along  at  an  average 
speed  of  six  miles  an  hour.  Not  more  than  six  or  seven  pas- 
sengers were  allowed  to  ride  on  a  single  coach.  The  allow- 
ance of  baggage  had  increased  from  fourteen  pounds  to 
twenty-eight  pounds;  and  baggage  was  now  chained  to  the 
coach  or  watched  so  that  it  could  not  be  stolen.  Stage  jour- 
neys still  began  at  three  or  four  in  the  morning,  but  were  usu- 
ally completed  by  six  in  the  afternoon.  While  certain  towns 
in  Connecticut  still  attempted  to  enforce  the  state's  Blue 
Laws  forbidding  travel  on  the  Sabbath,  the  coach  drivers 
would  gallop  their  horses  through  the  town,  paying  no 
attention  to  the  feeble  shouts  of  the  town  tither.  He  did 
his  duty,  the  citizens  were  satisfied,  and  the  coach  rolled  on 
its  way. 

It  was  under  these  conditions  that  Amherst  College  was 
founded.  It  was  under  these  conditions  that  the  founders  of 
the  College  raised  the  Charity  Fund  of  $50,000  which  consti- 
tuted the  only  endowment  of  the  College  when  it  opened  its 
doors  in  1821.  The  Fund  was  in  promissory  notes,  not  in 
cash,  and  no  one  could  predict  whether  the  generous  donors 
to  the  Fund  would  be  able  to  meet  the  notes  when  they  fell 
due.  The  College's  real  strength  was  not  in  these  notes  of 
dubious  value,  nor  in  the  single  building.  South  College,  but 
in  the  stout  hearts  and  the  indomitable  faith  and  the  tireless 
efforts  of  a  handful  of  men,  citizens  of  the  town  of  Amherst, 
who  set  out  to  found  a  college  in  spite  of  everything.  Their 

[5] 


zeal  was  that  of  men  with  an  almost  fanatic  devotion  to  a 
cause  which  they  believed  had  the  blessing  and  approval  of 
Divine  Providence. 

In  1821  Amherst  was  one  of  twenty-three  small  towns  in 
Hampshire  County.  The  census  the  year  before  gave  it  a 
population  of  1917,  a  little  more  than  the  average  of  the 
towns  in  the  county,  a  little  more  than  Greenfield,  a  little  less 
than  Northampton,  the  shire  town.  It  was  primarily  an  agri- 
cultural community  and  largely  self-sufiicient.  The  staple 
crops  were  wheat,  Indian  corn,  rye,  oats,  barley,  and  flax, 
peas,  beans,  and  pumpkins. 

The  only  factory  of  which  we  have  a  record  was  situated 
in  1795  on  Mill  River  near  the  present  Cushman  railroad  sta- 
tion and  in  1821  was  owned  and  operated  by  the  two  Roberts 
brothers  who  engaged  in  the  manufacture  of  writing  paper 
on  a  small  scale.  Most  of  the  work  was  done  by  hand,  and  the 
finished  product  was  carted  to  Albany  by  teams.  The  busi- 
ness remained  in  the  same  family  until  1894,  when  the  mill 
was  destroyed  by  an  incendiary  fire. 

In  1814  the  first  manufacturing  corporation  was  incorpo- 
rated in  the  town,  to  spin  cotton  yarn  by  machinery,  under 
the  name  of  the  Amherst  Cotton  Factory.  The  corporation 
was  owned  by  ten  men  with  an  investment  of  one  thousand 
dollars  each,  and  acquired  a  three-story  wooden  building  at 
"  Factory  Hollow  "  in  North  Amherst  which  had  been  erected 
by  Ebenezer  Dickinson,  a  well-to-do  farmer.  Dickinson  had 
had  no  business  experience  and  had  been  forced  to  sell,  but 
a  few  years  later  he  broke  into  his  former  factory  and  stole 
a  quantity  of  cotton  yarn.  The  yarn  was  found  in  his  attic, 
and  he  fled  to  Ohio,  but  not  before  leaving  a  curse  on  "  The 
Hollow."  The  Amherst  Cotton  Factory  did  not  prosper  and  a 
little  later  was  in  liquidation. 

In  1830  Peter  Ingram  established  a  small  woolen  mill  on 
Mill  River;  the  business  was  reorganized  after  the  panic  of 
1837,  but  the  mill  was  destroyed  by  fire  in  1847.  Two  other 
woolen  mills  were  built,  but  both  were  later  lost  by  fire. 

Early  in  the  century  Amherst  became  a  center  for  the  man- 
ufacture of  pahn-leaf  hats.  The  palm  leaf  was  brought  to  Bos- 
[6] 


ton  in  vessels  trading  in  the  West  Indies,  forwarded  over  the 
tracks  of  the  Boston  &  Worcester  Raihoad  and  the  Western 
Railroad  to  Palmer,  and  carted  to  Amherst.  Here  it  was  dis- 
tributed among  the  farmers'  families  in  the  town  and  the  sur- 
rounding towns,  split  by  hand,  braided,  sewed,  and  sold  to 
local  merchants.  In  1829  Leonard  M.  Hills  moved  to  Am- 
herst from  Connecticut,  and  began  to  develop  the  business  in 
a  systematic  way.  Mills  were  built,  and  by  1871  Amherst  be- 
came the  leading  center  of  the  industry  in  the  country.  Sub- 
sequently the  business  was  liquidated.  From  time  to  time 
other  manufacturing  enterprises  were  developed  in  the  town, 
but  Amherst  has  continued  to  be  primarily  an  agricultural 
and  college  community. 

Noah  Webster  was  a  resident  of  Amherst  at  the  time  and 
was  chairman  of  the  Board  of  the  Collegiate  Institute.  His 
description  of  the  town  at  the  time  of  the  founding  of  the 
College  is  the  best  contemporary  account  we  have,  and  the 
dictionary-maker  indulged  in  prophecy  which  has  been 
borne  out  by  the  history  of  the  town  during  the  century  and 
a  quarter  which  has  intervened.  "  The  town  of  Amherst," 
said  Mr.  Webster,  "  must  from  its  position  forever  be  an  ag- 
ricultural town.  It  can  be  neither  a  shire  town  nor  a  commer- 
cial or  manufacturing  town.  From  its  situation  with  regard 
to  Connecticut  River,  and  the  neighboring  towns,  it  can  not 
be  the  center  of  a  great  commerce,  and  its  streams  of  water 
will  never  support  great  manufacturing  establishments.  Its 
inhabitants  must  be  chiefly  laboring  farmers,  who,  dispersed 
over  the  town  and  occupied  in  their  own  pursuits,  can  have 
no  particular  connection  with  the  students;  of  course  no  en- 
mity will  probably  bring  them  into  collision,  and  produce 
those  quarrels  and  riots  which  have  frequently  disturbed  the 
peace  of  some  other  colleges."  Webster's  historical  manu- 
script did  not  appear  in  print  for  twenty-five  years,  but  it  was 
copied  in  longhand  by  direction  of  the  Board  of  Trustees 
of  the  College.  This  copy  still  exists  in  the  archives  of  the 
College. 

The  town's  connection  with  the  outside  world  in  1821  was 
of  course  by  stagecoach.  Three  days  a  week  a  stage  left 

[7] 


Earle's  Hotel  on  Hanover  Street,  Boston,  at  two  in  the  morn- 
ing for  Amherst,  returning  to  Boston  on  the  following  day. 
To  the  west,  the  town  was  connected  by  stage  over  "  the 
northern  route  "  with  Albany;  and  the  Brattleboro-Hartford 
stage  passed  through  Amherst.  At  Hartford  a  traveler  could 
continue  his  journey  to  New  York  by  water.  The  bridge 
across  the  Connecticut  River  between  Hadley  and  North- 
ampton had  been  completed  by  private  enterprise  in  1807,  so 
that  travel  to  and  from  Northampton  was  comparatively 
easy,  though  the  road  was  soft  and  muddy  most  of  the 
way. 

Railroads  did  not  exist  here  or  anywhere,  and  this  fact 
was  of  course  one  of  the  reasons  for  the  founding  of  the  Col- 
lege. The  people  of  Hampshire  County  wanted  an  educated 
ministry,  they  wanted  an  opportunity  for  their  sons  to  secure 
a  college  education;  and  Harvard  and  Dartmouth  and  Yale 
were  so  far  away  that  few  could  afford  to  attend  them.  It  was 
not  until  1836  that  the  Western  Railroad  was  incorporated  to 
run  from  Worcester,  the  terminus  of  the  recently  built  Bos- 
ton &  Worcester  Railroad,  to  Albany.  In  1839  it  was  opened 
to  Springfield  and  three  years  later  to  the  Hudson  River,  op- 
posite Albany.  The  Northampton  &  Springfield  Raihoad  was 
incorporated  in  1842,  and  the  Greenfield  &  Northampton 
Railroad  in  1845.  In  1850  the  New  London  Northern  Rail- 
road was  opened  from  New  London  to  Palmer,  and  three 
years  later  the  rails  were  extended  to  Amherst  by  the  Am- 
herst &  Belchertown  Railroad.  I  may  add  that  my  grandfa- 
ther, William  N.  Flynt  of  Monson,  who  was  a  member  of  the 
Massachusetts  legislature  in  1848,  was  the  leader  in  securing 
a  Massachusetts  charter  for  the  New  London  Northern, 
against  strong  opposition.  It  was  not  until  1887  that  the  Mas- 
sachusetts Central  Railroad  was  completed  from  Boston  to 
Northampton  by  way  of  Amherst. 

There  was  no  bank  in  Amherst  in  1821  when  the  College 
was  founded.  In  1825  the  Sunderland  Bank  was  incorporated 
under  state  law,  and  in  1831  it  moved  to  Amherst  as  the 
Amherst  Bank.  Its  capital  was  $10,000.  Ten  years  later  a 
crisis  developed  in  the  aff^airs  of  the  bank,  precipitated  by 
[8] 


embezzlement  by  the  cashier,  and  the  following  year  it  sur- 
rendered its  charter.  For  nearly  a  quarter  of  a  century  the 
town  had  no  banking  facilities  of  any  kind.  Then  in  1864  the 
First  National  Bank  of  Amherst  and  the  Amherst  Savings 
Bank  were  opened  within  a  few  months  of  each  other. 


[9] 


Chapter  Two 

THE    CHARITY  FUND 

The  founders  of  the  College  set  up  a  dual  organization 
which  continued  for  over  a  hundred  years :  Amherst  College 
and  The  Charity  Fund.  The  fundamental  law  of  the  College 
is  the  charter  granted  by  the  legislature  of  the  Common- 
wealth. It  covers  four  printed  pages,  and  is  entitled  Acts  of 
1824,  Chapter  84.  An  Act  to  Establish  a  College  in  the  Town 
of  Amherst.  The  fundamental  law  of  The  Charity  Fund  cov- 
ers eleven  printed  pages,  and  is  entitled  A  Constitution  and 
System  of  By-laws  for  the  Raising  and  Managing  a  Perma- 
nent Charitable  Fund,  as  the  Basis  of  an  Institution  in  Am- 
herst, in  the  County  of  Hampshire,  for  the  Classical  Educa- 
tion of  Indigent  Young  Men  of  Piety  and  Talents,  for  the 
Christian  Ministry.  The  governing  board  of  the  College  was 
The  Board  of  Trustees;  of  The  Charity  Fund,  The  Board  of 
Overseers.  Under  the  constitution  the  legal  title  to  the  assets 
of  the  Fund  was  to  rest  in  the  Trustees  of  the  College  when 
it  was  incorporated,  and  the  Trustees  were  responsible  for  in- 
vesting and  reinvesting  the  Fund.  The  Board  of  Overseers  of 
seven  members  constituted  the  "  guardians  of  the  Fund."  In 
case  the  Board  of  Overseers  determined  that  the  Trustees  of 
the  College  were  departing  from  their  duty  in  respect  to  the 
Fund  they  were  directed  to  present  the  matter  to  the  Su- 
preme Judicial  Court  of  Massachusetts.  The  financial  officer 
of  the  College  was  and  is  the  Treasurer;  the  financial  officer 
of  The  Charity  Fund  was  at  first  called  the  Financier  and 
later  the  Commissioner.  During  the  first  half  century,  the  of- 
fices of  Treasurer  of  the  College  and  Financier  of  The  Char- 
ity Fund  were  held  by  difterent  individuals,  except  for  half 

[10] 


a  dozen  years  when  John  Leland  held  both  positions.  Since 
1878,  the  Treasurer  of  the  College  has  been  Commissioner 
of  The  Charity  Fmid.  In  1941,  by  unanimous  vote  of  the 
Trustees  of  the  College  and  of  the  Overseers  of  The  Charity 
Fund,  and  with  the  unwritten  approval  of  the  Attorney  Gen- 
eral of  the  Commonwealth,  The  Charity  Fund  became  an  in- 
tegral part  of  the  college  endowment  like  the  other  funds  of 
the  College,  and  the  dual  organization  came  to  an  end. 

The  Charity  Fund  is  older  than  the  College.  The  Constitu- 
tion and  By-laws  were  dated  May  1818,  three  years  before 
the  College  opened  its  doors,  and  the  Fund  was  raised  in  the 
twelve  months  following.  The  goal  was  a  fund  of  fifty  thou- 
sand dollars.  Pledges  and  gifts  were  secured  from  some  two 
hundred  and  seventy-five  subscribers.  The  largest  subscrip- 
tion was  for  three  thousand  dollars  and  was  paid  by  the 
transfer  to  the  College  of  land  in  Maine;  the  smallest  was  for 
five  dollars.  All  were  from  residents  of  New  England,  most 
from  towns  in  Massachusetts.  There  were  no  subscriptions 
from  the  residents  of  Boston  or  Worcester,  the  two  largest 
cities  in  the  state;  only  two  from  Springfield,  of  one  hundred 
dollars  each.  But  from  Hadley,  Sunderland,  Conway,  Attle- 
boro,  Southbridge,  Wrentham,  Greenwich,  Hardwick,  Heath, 
and  dozens  of  other  small  towns  came  the  pledges  which 
made  the  College  possible.  The  individual  subscriptions  to 
the  Fund  had  totaled  some  thirty-seven  thousand  dollars,  and 
the  balance  of  fifteen  thousand  dollars  was  pledged  by  sev- 
eral Amherst  men  who  bound  themselves  jointly  and  sever- 
ally to  raise  the  amount  within  two  years.  Three  of  these 
guarantors  are  described  in  the  bond  as  "  gentlemen,"  three 
as  lawyers,  one  as  "  clerk,"  one  as  "  innholder,"  and  one  as 
"  husbandman."  The  three  described  as  "  gentlemen  "  were 
in  fact  farmers,  and  David  Parsons,  described  as  "  clerk,"  was 
the  pastor  of  the  local  Congregational  Church. 

For  some  years  a  number  of  the  subscribers  paid  simply 
the  interest  on  their  subscriptions;  some  of  the  subscribers, 
because  of  changed  circumstances,  were  unable  to  meet  their 
pledges.  The  land  in  Maine,  given  by  Dr.  Rufus  Cowls  of 
Amherst,  and  "estimated  by  him  at  $3,000"  was  too  far 

[11] 


away  to  be  handled  by  the  Trustees  and  was  exchanged  for 
land  in  Pelham  worth  about  $700.  There  was  100  acres  of 
wild  land  in  Craftsbury,  Vermont,  carried  at  an  estimated 
value  of  $400  on  which  it  was  difficult  to  realize.  There  was 
also  woodland  in  Sunderland,  woodland  in  Amherst,  and  a 
farm  in  Amherst,  all  turned  over  in  payment  of  subscriptions. 
By  1828  the  Fund  had  shrunk  to  $44,633,  of  which  over  $13,- 
000  consisted  of  notes  of  the  original  donors  which  had  not 
yet  been  paid. 

The  Constitution  and  By-laws,  which  are  said  to  have  been 
passed  on  by  Jeremiah  Mason  and  Daniel  Webster,  two  of 
the  best-known  lawyers  in  the  country,  both  practicing  in 
Portsmouth,  New  Hampshire,  provided  that  the  Fund  should 
be  invested  "  only  in  productive  real  estate,  in  the  bonds  of 
the  United  States  or  of  Massachusetts  or  other  government 
bonds,  or  in  mortgage  notes  secured  by  real  estate."  Five- 
sixths  of  the  income  was  to  be  paid  to  the  College  (as  soon 
as  established)  for  scholarships  for  students  preparing  for 
the  ministry,  and  the  remaining  one-sixth  of  the  income  was 
to  be  added  each  year  to  the  principal.  And  the  Constitution 
adds  that  "  the  principal  of  the  fund  shall  be  sacred  and  in- 
tangible, not  subject  to  be  diminished  by  any  exigency,  the 
act  of  God  excepted,"  and  provides  for  the  most  careful  scru- 
tiny by  the  Board  of  Overseers  to  see  that  the  purposes  and 
conditions  of  the  Fund  are  observed  with  meticulous  care 
from  year  to  year  by  the  Trustees  of  the  College. 

Some  of  the  early  records  of  the  Fund  were  destroyed  by 
fire  when  the  building  in  which  the  college  treasurer  had  his 
office  was  burned  in  1838.  All  of  the  books  and  papers  in  the 
hands  of  the  secretary  of  the  Board  of  Overseers  passed 
through  the  great  Boston  fire  in  1872,  and  were  taken  from 
the  ruins  in  a  good  state  of  preservation.  But  while  most  of 
the  financial  records  of  the  College  before  1870  are  gone,  we 
have  today  almost  complete  the  records  of  the  Charity  Fund 
from  1828  down  to  the  present.  We  know  too  that  the  Char- 
ity Fund  was  the  only  endowment  of  the  College  when  the 
College  opened  in  1821,  and  that  for  a  quarter  of  a  century 
it  remained  substantially  the  only  endowment.  Its  early  rec- 
[12] 


Olds  are  therefore  particularly  significant  in  any  study  of  the 
endowment  of  the  College. 

The  report  dated  September  20,  1828  is  signed  by  Lucius 
Boltwood,  Auditor,  It  recites  that  "  of  the  original  fund  there 
is  at  this  time 

Invested  in  real  estate  $12,478.72 

Notes  for  money  loaned  and  secured  by  mortgage         18,725.00 
Notes  and  Bonds  of  the  original  donors  13,429.61 


$44,633.33  " 


The  real  estate  includes: 

Nine  acres  on  which  the  college  buildings  are  erected     $1,800.00 
3/2  acres  adjoining  the  above  450.00 

President's  House  lot  84'A  rods  284.88 

as  well  as  land  in  Pelham,  Sunderland,  Hadley,  Amherst  and 
Craftsbury,  Vermont. 

In  other  words,  the  Charity  Fund  owned  the  land  on 
which  the  college  buildings  were  located,  as  well  as  the 
house  lot  on  which  the  president's  house  stood.  The  presi- 
dent's house  was  not  of  course  the  present  house,  which  was 
not  built  until  1834,  but  the  first  house  for  the  president, 
located  approximately  where  the  Psi  U  House  now  stands. 
Later  the  new  president's  house  was  mortgaged  to  the  Fund. 

And  among  the  notes  held  by  the  Fund  are  listed  the  fol- 
lowing: 

April  1,  1826  Note  and  mortgage  Trustees  of  Amherst 

College  $10,000.00 

Feb.  5,  1827  Note  and  mortgage  Trustees  of  Amherst 

College  559.83 

April  1,  1827  Note  and  Mortgage  Trustees  of  Amherst 

College  300.00 

April  1,  1828  Note  and  mortgage  Trustees  of  Amherst 

College  300.00 

The  Trustees  paid  interest  at  6%  on  these  notes. 

And  so  for  many  years,  in  fact  until  1843,  the  Charity 
Fund  owned  the  college  campus,  held  a  mortgage  on  most  of 
the  college  buildings,  and  held  the  notes  of  the  Trustees  of 

[13] 


Amherst  College,  some  secured  by  mortgage,  some  unse- 
cm"ed.  The  amomits  varied  from  year  to  year;  m  1846  the 
Charity  Fund  held  the  notes  of  the  College  for  some  $12,- 
465.  By  1847  they  had  all  been  paid  off,  though  on  occasion 
in  later  years,  at  least  as  late  as  1875,  the  College  borrowed 
from  the  Charity  Fund. 

What  are  we  to  say  about  the  action  of  the  Trustees  in 
their  use  of  the  Charity  Fund  during  these  years?  Hitchcock, 
who  was  a  member  of  the  faculty  throughout  this  period  and 
who  succeeded  to  the  presidency  of  the  College  in  1846,  has 
expressed  his  opinion  with  his  usual  candor.  "  I  must  think," 
he  says,  "  the  right  to  do  this  was  very  questionable.  For  it 
was  in  fact  converting  money  which  had  been  obtained  for 
educating  indigent  young  men,  to  other  purposes,  since  there 
was  no  adequate  security,  and  had  the  whole  enterprise 
failed  I  doubt  not  this  course  would  have  been  quoted  as  a 
perversion  of  funds."  "  The  College  after  a  long  and  desper- 
ate struggle,"  he  continues,  "  triumphed  over  its  pecuniary 
embarrassments,  and  was  able  therefore  to  pay  all  its  indebt- 
edness to  The  Charity  Fund,  and  hence  the  correctness  of 
this  course  was  never  called  in  question."  Hitchcock  un- 
doubtedly expressed  himself  with  equal  vigor  in  conversa- 
tion at  the  time,  but  these  caustic  words  were  his  consid- 
ered opinion  at  a  later  date  when  he  put  them  in  print  for 
circulation  among  the  alumni  and  friends  of  the  College. 

A  careful  study  of  the  Constitution  of  the  Fund  and  re- 
flection on  all  of  the  facts  which  have  come  down  to  us  in  the 
records  lead  me  to  the  opposite  conclusion.  The  purchase  of 
the  college  campus  was  an  investment  in  productive  real  es- 
tate, and  the  College  paid  rent.  The  principal  loans  to  the 
College  were  secured  by  mortgage,  and  the  College  paid  its 
interest  promptly.  At  no  time,  as  far  as  I  can  find,  did  the  to- 
tal obligation  of  the  College  to  the  Fund  amount  to  as  much 
as  a  third  of  the  conservative  value  of  the  security  pledged. 
And  the  income  of  the  Fund  was  at  all  times  handled  with 
scrupulous  care  in  accordance  with  the  terms  of  the  Consti- 
tution; one-sixth  was  added  annually  to  the  principal,  and 
the  remainder  used  for  scholarships  for  ministerial  students. 
[14] 


The  purpose  of  the  donors  is  expressed  with  great  clarity  and 
is  repeated  in  the  Constitution:  the  education  of  indigent 
young  men  of  talent  for  the  ministry  at  the  collegiate  insti- 
tution at  Amherst.  It  was  not  for  their  education  at  some  col- 
lege selected  by  the  Board.  And  to  educate  them  at  Amherst, 
it  was  necessary  that  the  institution  be  kept  alive.  The  Am- 
herst Board  then  and  later  included  in  its  number  lawyers  of 
unquestioned  ability  and  character.  Hitchcock,  on  the  other 
hand,  had  no  training  in  the  law;  he  was  a  scientist;  and  he 
had  a  prejudice  amounting  almost  to  a  fixation  against  bor- 
rowing money.  Undoubtedly  he  saved  the  College  from  ex- 
tinction in  1846  when  he  became  president.  But  it  seems 
equally  clear  that  if  his  views  had  prevailed  in  the  1820's  and 
the  1830's,  the  College  would  not  have  lived  a  decade,  and 
his  great  talents  would  have  found  an  outlet  in  some  other 
institution,  perhaps  in  Yale  or  Dartmouth.  Furthermore,  the 
policy  of  making  loans  from  the  Charity  Fund  to  the  Col- 
lege was  approved  not  only  by  the  Trustees  of  the  College, 
but,  in  addition,  by  unanimous  vote  of  the  Board  of  Over- 
seers of  the  Fund  itself.  Their  vote  passed  on  August  23, 
1825  reads  as  follows :  "  Resolved,  by  the  Board  of  Overseers 
that  it  corresponds  with  their  views  of  the  object  for  which 
the  Charity  Fund  was  formed  as  expressed  in  the  Constitu- 
tion for  the  Financier  to  loan  to  the  Trustees  of  Amherst  Col- 
lege any  part  of  said  funds  upon  such  ample  security  for  the 
same  as  would  be  required  of  any  individual  or  any  other 
body  of  men." 

The  early  investment  policy  of  the  Charity  Fund  seems 
to  be  open  to  just  criticism  on  another  score  however.  The 
Constitution  provided  explicitly  that  all  personal  loans 
should  be  secured  by  mortgage  on  real  estate;  and  in  spite  of 
this  clear  mandate,  loans  were  made  without  this  collateral. 
Finally  criticism  was  brought  to  the  governing  boards.  At 
the  annual  meeting  of  the  Overseers  of  the  Fund  in  1839,  a 
committee  was  appointed  "  to  report  to  the  Trustees  in  writ- 
ing that  they  were  dissatisfied  with  the  manner  in  which  the 
funds  had  been  invested." 

If  we  were  dependent  on  the  official  record,  we  should 

[15] 


know  nothing  of  the  reasons  which  led  the  Overseers  to  take 
this  action.  Their  written  communication  to  the  Trustees  has 
not  been  found.  The  present  writer,  however,  received  some 
years  ago  from  an  alumnus  some  correspondence  found  in  an 
old  trunk  which  belonged  to  his  great-grandfather,  Thomas 
Bond,  who  was  a  member  of  the  Board  of  Overseers  at  the 
time.  The  correspondence  is  deposited  in  the  Hitchcock  Me- 
morial Room. 

Thomas  Bond  ( 1777-1852 )  had  been  a  merchant  in  West 
Brookfield,  Massachusetts,  and  had  retired  at  the  age  of 
forty-eight  with  a  comfortable  fortune  and  moved  to  Spring- 
field. He  first  became  interested  in  the  College  through  his 
West  Brookfield  minister.  Dr.  Snell,  who  had  received,  in 
1828,  the  first  honorary  degree  of  Doctor  of  Divinity  con- 
ferred by  the  College.  Bond  was  a  member  of  the  Board  of 
Overseers  for  thirteen  years,  secretary  of  the  Board  at  the 
time  of  this  correspondence,  and  a  generous  benefactor  of 
the  College.  The  letters  were  addressed  to  him  by  Hezekiah 
Wright  Strong,  an  Overseer,  and  George  Grennell,  a  Trus- 
tee. Strong  ( 1768-1846 )  had  been  intimately  associated  with 
Colonel  Graves  and  Samuel  Fowler  Dickinson  in  the  found- 
ing of  the  College,  had  personally  selected  the  site  for  the 
College,  and  was  an  Overseer  from  1821  until  his  death.  For 
many  years  he  was  the  Amherst  postmaster.  Grennell  ( 1786- 
1877)  graduated  from  Dartmouth  and  practiced  law  in 
Greenfield.  He  held  successively  the  offices  of  District  At- 
torney, member  of  the  Legislature,  member  of  Congress,  and 
Judge  of  Probate.  He  was  elected  to  the  Amherst  Board  by 
the  Legislature  and  served  from  1839  until  1859.  In  1858  the 
College  conferred  on  him  the  honorary  degree  of  Doctor  of 
Laws. 

Overseer  Strong's  letters  were  written  in  language  that  is 
more  vigorous  than  diplomatic.  The  Overseers  were  in  fact 
deeply  concerned  about  Lucius  Boltwood,  who  as  Financier 
of  the  Charity  Fund  was  investing  the  principal  of  the  Fund. 
Boltwood  was  said  to  be  living  expensively,  and  to  be  spend- 
ing at  least  twelve  hundred  dollars  a  year,  while  his  cash  in- 
come was  supposed  to  be  not  more  than  five  hundred  dollars. 
[16] 


He  was  said  to  be  speculating  in  government  lands  in  Michi- 
gan, and  he  had  loaned  nine  hundred  dollars  from  the  Char- 
ity Fund  to  a  McFarland,  taking  as  security  a  mortgage  on 
Michigan  land.  The  Overseers  were  the  more  disturbed  be- 
cause Boltwood  was  responsible  in  the  first  instance  to  the 
Prudential  Committee  of  the  Board  of  Trustees  and  several 
of  this  committee  were  supposed  to  have  invested  privately 
in  government  land  in  Michigan.  It  was  said,  for  example, 
that  President  Humphrey  had  invested  one  thousand  dollars, 
General  Mack  ten  thousand  dollars,  and  Luke  Sweetser  five 
thousand  dollars,  and  these  three  gentlemen  constituted  a 
majority  of  the  Prudential  Committee.  It  was  also  pointed 
out  that  Boltwood  had  resigned  the  presidency  of  the  Am- 
herst Bank  because  of  a  difference  of  opinion  with  his  direc- 
tors on  the  investment  of  the  funds  of  the  bank.  Certainly 
the  correspondence  shows  a  lively  interest  in  the  safety  of  the 
Charity  Fund,  and  a  watchful  scrutiny  of  the  habits  of  the 
Financier. 

Grennell's  letter,  written  ten  weeks  later,  contained  an  in- 
formal report  to  the  Overseers  on  the  action  of  the  Pruden- 
tial Committee.  It  is  a  model  of  calm,  objective  statement  of 
facts.  After  expressing  appreciation  for  "  the  very  earnest  so- 
licitude "  of  the  Overseers,  he  says  that  the  Prudential  Com- 
mittee has  gone  over  the  investments  of  the  Charity  Fund 
made  by  the  Financier,  and  has  taken  action  in  regard  to 
those  considered  inadequately  secured.  "  The  Committee  re- 
quired increased,  and  as  we  believed  adequate,  security  to 
be  given  for  the  notes  of  Mr.  Sweetser  &  Mr.  Boltwood.  .  .  . 
The  Committee  found  a  note  in  the  Financier's  hands  of 
$900  against  C.  M.  McFarland  —  attempted  to  be  secured  by 
a  mortgage  of  an  undivided  half  of  1400  acres  of  land  in 
Michigan.  .  .  .  The  Committee  were  dissatisfied  with  this 
loan  and  intended  security,  and  directed,  so  far  as  they  have 
power  to  do  it,  that  the  Financier  should,  if  possible,  effect  a 
change  of  the  security,  so  as  to  make  the  note  safe,  or  to  use 
his  endeavors  to  enforce  a  payment  of  the  note.  .  .  .  The 
Committee  expressed  a  decided  opinion  that  no  moneys  of 
the  Fund  should  be  loaned  on  mortgage  of  real  estate  lyiug 

[17] 


without  this  Commonwealth,  for  obvious  reasons."  And  later 
in  the  letter  Trustee  Grennell  points  out  that  the  few  unse- 
cured notes  held  by  the  Fund  were  for  old  subscriptions, 
and  "  require  some  attention." 

Under  the  standards  of  today  the  loans  by  the  Financier  to 
himself  and  to  Sweetser  of  the  Prudential  Committee  would 
be  subject  to  immediate  criticism.  It  is  interesting  to  observe 
that  no  comment  is  made  on  this  point  in  1839.  Both  loans 
were  paid  in  full.  The  McFarland  loan  of  $900  was  a  total 
loss,  and  the  Fund  was  not  able  to  realize  on  the  half  interest 
in  1400  acres  of  Michigan  land. 

There  were  other  reasons  for  dissatisfaction  with  the  in- 
vestment policy  of  the  Financier  which  are  not  mentioned  in 
the  correspondence  and  which  became  apparent  before  two 
years  had  passed.  In  the  year  1831-32  the  Financier  had 
bought  seven  shares  of  stock  in  the  Amherst  Bank  at  par. 
Two  years  later  he  reported  that  he  had  added  to  his  invest- 
ment in  bank  stock,  and  now  held  twelve  shares  in  the  Am- 
herst Bank  and  forty  shares  in  the  Northampton  Bank,  all 
bought  at  par  of  $100  per  share.  By  1836  the  Fund's  holding 
of  bank  stocks  had  increased  another  thousand  dollars  by 
the  purchase  of  ten  more  shares  in  the  Amherst  Bank.  Thir- 
teen per  cent  of  the  Fund's  capital  was  now  invested  in  bank 
stock,  for  which  there  was  no  authority  in  the  Constitution. 
And  four  per  cent  was  invested  in  notes  of  individuals  unse- 
cured by  mortgage.  The  report  of  the  Financier  for  August 
20,  1840  lists  the  Fund's  investments  as  follows: 


Real  estate: 

College  lot 

$2,250 

Woodland  Sunderland 

130 

Woodland  Craftsbury,  Vt. 

400 

$  2,780 

Bank  Stocks: 

40  shs  Northampton  Bank 

4,000 

22  shs  Amherst  Bank 

2,200 

6,200 

Notes  secured  by  mortgage 

37,525 

Notes  on  personal  security 

1,757 

Cash 

470 

$48,732 
[18] 


This  report  was  presented  to  the  Trustees  of  the  College  at 
their  annual  meeting  on  August  24,  1840  and  was  referred  by 
the  Board  to  a  committee  composed  of  Trustees  Vaill,  Cal- 
houn, and  Foster,  Dr.  Vaill  was  a  retired  minister  who  had 
devoted  himself  for  some  time  to  raising  money  for  the  Col- 
lege. William  B.  Calhoun  was  a  graduate  of  Yale,  a  leading 
lawyer  in  Springfield,  and  had  already  served  ten  years  in 
the  Legislature  of  the  Commonwealth,  the  last  two  years  as 
Speaker  of  the  House,  and  was  now  serving  his  district  in  the 
Congress  of  the  United  States.  The  Springfield  Republican 
in  referring  to  him  said  that  "  the  one  superior  element  in  his 
character  and  life  was  its  high  moral  quality,"  and  he  was 
said  to  have  the  finest  library  of  religious  and  theological 
books  in  the  region.  Alfred  D.  Foster  was  a  graduate  of  Har- 
vard and  a  lawyer  in  Worcester  who  devoted  most  of  his 
time  and  talents  to  public  and  civic  aflFairs.  Four  years  later 
he  was  to  resign  from  the  Amherst  Board  because  he  could 
not  send  his  own  son  to  Amherst,  but  his  colleagues  per- 
suaded him  to  withdraw  his  resignation.  It  was  obviously 
a  strong  committee.  The  committee  recommended  the  ap- 
proval of  the  Financier's  Report  and  general  approbation  of 
his  investment  policy  except  the  McFarland  loan.  But  the 
point  of  the  report  is  in  the  final  sentence  that  "  all  future 
loans  should  be  secured  by  mortgage  of  land  of  at  least  three 
times  the  amount  of  the  loan  independent  of  any  buildings, 
and  in  the  future  all  funds  should  be  invested  in  this  way." 

Obviously  there  was  nothing  to  be  done  about  the  shares 
in  the  Amherst  Bank.  A  year  later  the  Financier  reported 
them  as  "  value  uncertain,  say  $1,100."  and  the  next  year 
they  were  charged  off.  The  Fund  recovered  some  $457,  or 
about  twenty  per  cent,  on  the  liquidation  of  the  bank.  The 
loss  of  some  $1,650  on  an  investment  would  seem  small  to  us 
today.  But  a  century  ago  it  meant  a  loss  of  nearly  four  per 
cent  of  the  capital  of  the  Fund. 

The  following  year,  that  is  in  1841,  the  College  Board 
amended  its  vote  of  the  year  previous  so  that  it  should  not 
apply  to  loans  to  the  College;  and  then  voted  that  in  future 
the  Financier  should  submit  his  loans  and  collateral  to  the 

[19] 


Prudential  Committee  for  approval  by  a  majority  of  the 
committee. 

The  stock  in  the  Northampton  Bank  was  held  in  the  Fund 
until  1879,  when  it  was  sold  at  par  to  the  College.  It  had 
yielded  a  good  return  in  dividends  meanwhile. 

In  1858  a  committee  reported  to  the  Trustees  of  the  Col- 
lege that  all  notes  in  the  Charity  Fund  seemed  properly  se- 
cured except  one,  and  that  was  for  $170  and  was  a  gift.  The 
Trustees  directed  the  Commissioner  of  the  Charity  Fund  to 
have  appraisals  made  in  advance  on  land  offered  as  collat- 
eral for  a  loan  from  the  Fund.  And  at  the  same  meeting  the 
Trustees  authorized  a  loan  from  the  Charity  Fund  to  the 
College  for  three  thousand  dollars,  in  addition  to  the  loan  of 
two  thousand  dollars  already  made  to  meet  a  debt  of  the  Col- 
lege for  new  building,  falling  due  the  following  April. 

In  1862  the  Trustees  of  the  College  directed  the  Commis- 
sioner of  the  Charity  Fund  to  invest  all  funds  available  dur- 
ing the  coming  year  in  bonds  of  the  Commonwealth,  or  of 
Boston,  or  of  the  United  States,  and  to  consult  with  Trustee 
Alpheus  Hardy  in  making  such  investments.  And  the  policy 
was  continued  throughout  the  war.  By  1867  the  Charity 
Fund  held  $37,000  U.S.  governments  and  only  $23,000  notes 
secured  by  mortgage.  And  in  1870  the  Fund  sold  $35,500 
governments  at  a  premium  of  about  ten  per  cent,  and  in- 
vested the  proceeds  in  good  7%  mortgages. 

With  the  exception  of  this  patriotic  concentration  on  gov- 
ernments, and  the  Northampton  Bank  stock,  the  Charity 
Fund  stuck  closely  to  personal  loans  secured  by  mortgage. 
These  loans  were  made  by  the  Financier  or  Commissioner 
very  much  as  they  would  have  been  made  by  a  Savings  Bank. 
They  provided  an  interest  return  of  six  per  cent,  and  some- 
times of  seven  per  cent.  In  1851,  for  example,  the  Fund  con- 
tained forty-nine  individual  loans  of  an  average  amount  of 
$1,000.  The  largest  was  $4,000  and  the  smallest  $100.  In  1875 
there  were  fifty-seven  loans  of  an  average  amount  of  $1,200. 
The  largest  was  $5,000  and  the  smallest  $200.  While  there 
was  no  chance  for  appreciation,  the  ratio  of  loss  was  very 
low,  and  on  default  the  Commissioner  could  take  the  land 
[20] 


on  foreclosure  and  realize  what  he  could.  Meanwhile,  the  ad- 
dition of  one-sixth  of  the  income  each  year  to  principal  was 
building  up  the  Fund.  When  Treasurer  Austin  Dickinson  be- 
came Commissioner  of  the  Fund  in  1878,  the  principal  had 
risen  from  some  forty-six  thousand  dollars  to  over  seventy- 
six  thousand  dollars.  But  the  policy  of  investing  in  personal 
loans  secured  by  mortgage  continued  down  into  this  cen- 
tury, when  it  was  discontinued  in  favor  of  prime  first  mort- 
gage bonds  in  larger  blocks.  On  June  30,  1948  the  principal 
of  the  Fund  stood  at  $118,197.42. 

There  were  four  Financiers  (or  Commissioners)  in  the 
first  half  century  of  the  Fund:  Rufus  Graves,  1822  to  1826, 
John  Leland,  1826  to  1833,  Lucius  Boltwood,  1833  to  1866, 
and  Luke  Sweetser,  1866  to  1877.  All  were  residents  of  Am- 
herst who  had  been  closely  associated  with  the  College  from 
its  earliest  days.  Colonel  Graves  (1758-1845)  was  born  in 
Sunderland,  and  graduated  from  Dartmouth.  For  a  time  he 
was  a  lecturer  in  chemistry  at  Dartmouth.  He  moved  to  Am- 
herst perhaps  as  early  as  1817  and  engaged  in  a  number  of 
business  ventures,  all  of  which  proved  financial  failures.  He 
was  the  first  lecturer  in  chemistry  at  the  Amherst  Collegiate 
Institution,  as  the  College  was  called  before  it  received  its 
charter  in  1825.  But  he  is  remembered  as  one  of  the  two  most 
influential  men  in  the  founding  of  the  College.  He  was  never 
a  trustee;  he  did  not  have  the  temperament  to  make  a  good 
trustee;  but  he  was  a  member  of  the  Prudential  Committee, 
appointed  by  the  Trustees,  for  two  years  and  was  Financier 
of  the  Charity  Fund  until  1826.  The  crusading  qualities 
which  carried  him  through  the  struggles  for  the  College  and 
which  led  his  neighbors  to  wonder  whether  he  was  not  in 
fact  beside  himself  were  not  the  qualities  required  after  the 
College  was  in  existence. 

He  was  succeeded  by  John  Leland,  the  first  Treasurer  of 
the  College,  whom  I  must  discuss  in  more  detail  a  little  later 
in  this  story.  Leland  served  as  Financier  for  seven  years  at  a 
salary  of  $200  per  annum  ( his  salary  as  Treasurer  of  the  Col- 
lege was  $300  per  annum ) . 

Lucius  Boltwood,  who  had  audited  the  accounts  of  his 

[21] 


predecessor,  was  elected  Financier  in  1833  and  served  for 
thirty-three  years.  His  entire  life  of  eighty  years  (1792- 
1872 )  was  spent  in  Amherst,  and  Professor  Tyler,  who  wrote 
the  semicentennial  history  of  the  College  in  1872,  says  that 
Mr,  Boltwood  doubtless  knew  more  of  the  history  of  the  in- 
stitution at  firsthand  than  any  living  man,  Boltwood  gradu- 
ated from  Williams  College  in  1814,  studied  law  in  the  office 
of  Samuel  Fowler  Dickinson  of  Amherst,  and  practiced  his 
profession  in  his  native  town  for  the  remainder  of  his  life.  He 
was  a  trustee  of  Amherst  Academy  for  almost  half  a  century 
and  was  for  most  of  the  time  secretary  of  the  Board.  He  was 
secretary  of  the  Board  of  the  College  from  1828  to  1864,  and 
Financier  of  the  Charity  Fund  for  a  third  of  a  century,  at  a 
salary  of  two  hundred  dollars  a  year.  At  the  first  commence- 
ment of  the  College  after  it  received  its  charter,  he  received 
the  degree  of  Master  of  Arts,  ad  eundem,  the  first  conferred 
by  the  College.  And  in  the  early  days  of  the  College  he  of- 
ten lent  his  personal  credit  to  secure  funds  for  the  strug- 
gling institution.  He  resigned  his  post  as  secretary  of  the 
Board  at  the  time  when  his  son,  then  the  college  librarian, 
was  involved  in  a  controversy  with  the  president  and  the 
Board.  When  the  Liberal  Party  was  founded  in  Massachu- 
setts, he  was  its  first  candidate  for  Governor  at  a  time  when 
"  such  a  candidacy  was  deemed  a  reproach,"  says  Tyler. 

Luke  Sweetser,  who  succeeded  Boltwood  as  Commis- 
sioner, was  the  leading  merchant  of  the  town.  Born  in  Athol, 
he  moved  to  Amherst  in  1821,  just  as  the  College  was  open- 
ing. He  was  a  member  of  the  Prudential  Committee  of  the 
Board  every  year  from  1833  to  1864,  secretary  of  the  com- 
mittee for  the  entire  period,  and  for  most  of  that  time  its 
agent  and  executive.  He  was  the  most  active  member  of  the 
Building  Committee  for  Appleton  Cabinet  and  East  Col- 
lege, and  was  in  addition  a  generous  donor.  For  nearly  half 
a  century  he  was  an  active  worker  for  the  College. 

Between  1822  and  1941  there  were  some  thirty-seven 
members  of  the  Board  of  Overseers.  Their  duty  was  to  ex- 
amine the  reports  submitted  to  them  and  to  determine 
whether  the  Trustees  of  the  College  were  carrying  out  the 
[22] 


true  purposes  of  the  Fund.  As  a  matter  of  fact,  the  duties  of 
the  Overseers  were  nominal,  and  the  oflBce  was  largely  hon- 
orific. In  the  early  days  it  was  in  fact  diflBcult  to  get  a  quorum 
at  the  annual  meeting.  The  members  of  the  Board  of  Over- 
seers in  1941,  when  the  Fund  was  merged  with  tlie  Consoli- 
dated Funds  of  the  College,  were  Messrs.  Bixler,  '82,  Moody, 
'92,  Esty,  '93,  Robinson,  '96,  Hammond,  '00,  Boyden,  '02,  and 
Whitcomb,  '04.  Paul  D.  Weathers  was  the  last  Commissioner 
of  the  Charity  Fund. 

The  Charity  Fund  in  the  early  days  was  called  "  the  sheet 
anchor  of  the  College,"  and  such  it  was.  Without  it  there 
would  have  been  no  college.  For  a  quarter  of  a  century  it  was 
the  only  endowment  the  College  had.  It  will  continue  to 
grow  from  year  to  year;  it  will  continue  to  provide  scholar- 
ships for  indigent  young  men  of  talent.  Preference  will  be 
given  in  the  award  of  its  scholarships  to  students  who  are 
preparing  for  the  Christian  ministry.  But  as  the  endowment 
of  the  College  has  grown  from  decade  to  decade,  the  rela- 
tive importance  of  the  Charity  Fund  has  of  course  decreased. 
Today  it  is  only  one  of  the  many  funds  which  support  the 
work  of  the  College. 


[23 


Chapter  Three 

JOHN    LELAND,    Treasurer 
1825-1835 

John  Leland  was  elected  treasurer  o£  the  College  at  the 
first  meetmg  of  the  Board  of  Trustees  on  April  13,  1825.  He 
was  born  in  Peru,  Massachusetts,  in  1793,  the  son  of  a  coun- 
try minister  who  served  his  hill-town  parish  well  on  a  salary 
of  two  hundred  dollars  a  year.  In  1820  John  Leland  moved 
from  Peru  to  Amherst,  and  began  to  take  an  active  part  in 
raising  funds  for  the  College.  He  served  as  treasurer  of  the 
College  for  fourteen  years,  including  the  four  years  before 
the  College  received  its  charter,  at  a  salary  which  never  ex- 
ceeded $300.  It  was  in  fact  the  same  as  that  paid  the  first 
full-time  janitor.  From  1826  to  1833  Leland,  as  we  have  seen, 
was  also  Financier  of  the  Charity  Fund  at  a  salary  of  $200 
a  year.  He  was  a  deacon  in  the  village  church  for  fifteen 
years;  senator  from  Hampshire  County  in  1833-1834;  and 
representative  in  the  legislature  in  1847.  Upon  his  resigna- 
tion as  treasurer  in  1835  he  moved  to  Roxbury,  but  in  a  few 
years  returned  to  Amherst  to  spend  the  rest  of  his  life. 

Leland  as  Financier  of  the  Charity  Fund  collected  the 
subscriptions  to  the  Fund,  attempted  to  sell  the  real  estate 
given  to  the  Fund  in  payment  of  subscriptions,  paid  the  taxes 
on  the  real  estate,  and  loaned  the  Fund  to  individuals  in  the 
vicinity  on  the  security  of  first  mortgages  on  real  estate.  As 
Treasurer  of  the  College  he  collected  the  term  bills  from  the 
students  three  times  each  year,  and  was  affectionately  known 
by  them  as  "  Deacon  Term-bill."  He  was  directed  by  the 
Board  to  "  make  suitable  provisions  for  the  entertainment  of 
the  Trustees  and  the  Board  of  Overseers  previous  to  the 
[24] 


meetings,  also  to  provide  suitable  rooms  for  holding  their 
sessions,  and  to  make  arrangements  for  public  dinners  on 
Commencement  Day."  And,  in  addition,  he  was  to  make 
"  permanent  and  economical  arrangements  for  the  entertain- 
ment of  all  committees  appointed  by  the  Board."  Of  course 
he  kept  the  books  of  account  of  the  College  in  which  he  re- 
corded all  receipts  and  disbursements,  but,  unfortunately, 
none  of  these  survived  the  fires  which  plagued  the  college 
treasurers  in  the  last  century. 

His  heaviest  responsibility  was  the  payment  of  the  bills  of 
the  College.  Receipts  from  students  were  inadequate  then, 
as  they  have  been  ever  since,  to  maintain  a  college  like  Am- 
herst. Fifty-nine  young  men  were  enrolled  in  the  College  its 
first  year.  The  tuition  of  thirty  dollars  a  year  covered  room 
rent,  lights,  etc.,  in  addition  to  tuition  itself.  If  all  the  stu- 
dents paid  full  tuition,  the  income  from  fees  would  amount 
to  only  $1,800,  while  the  salaries  of  the  president  and  the 
three  professors  made  a  total  of  $3,600.  To  keep  the  College 
alive  the  treasurer  was  forced  to  borrow  money,  and  he  con- 
tinued to  borrow  throughout  his  entire  term  of  office.  In  addi- 
tion, the  Trustees  asked  him  to  raise  money  for  the  Thirty 
Thousand  Dollar  Fund.  How  much  labor  and  vexation  this 
must  have  caused  him,  the  reader  can  imagine  by  inspecting 
any  page  in  his  books,  a  specimen  of  which  appears  in  the 
appendix  of  Tyler's  History  of  the  College.  "  The  small  sums 
of  which  much  of  it  was  made  up  by  contributions  from  cent 
and  mite  societies  of  women  and  children  was  a  fruitful 
theme  of  ridicule  in  the  legislature."  And  of  course  many  of 
the  subscriptions  were  never  collected. 

In  addition  to  his  other  duties,  Leland  was  a  member  of 
the  Prudential  Committee,  inspector  of  buildings,  grounds, 
and  repairs,  the  working  member  of  the  Building  Commit- 
tee, and  in  fact  the  responsible  ofiicer  of  the  College  in  all 
non-academic  matters.  The  College  was  not  only  spending 
for  current  operating  more  than  it  took  in,  but  it  was  carry- 
ing on  a  building  program  as  well.  Leland  was  a  constant 
borrower  for  the  College,  and  he  borrowed  where  he  could. 
Often  he  had  to  guarantee  the  college  note,  and  at  times  he 

[25] 


pledged  his  own  credit  to  the  full  amount  of  his  own  prop- 
erty. By  1827,  two  years  after  the  College  received  its  char- 
ter and  six  years  after  it  opened  its  doors,  the  debt  had 
mounted  to  over  $30,000.  Leland  had  borrowed  over  $10,000 
from  the  Charity  Fund,  $3,000  from  the  Sunderland  Bank, 
$2,000  from  the  widow  of  President  Moore,  $600  from  the 
wife  of  President  Humphrey,  and  $4,000  from  a  John  Hop- 
kins of  Northampton.  In  addition  to  devoting  most  of  his 
time  to  the  affairs  of  the  College  and  pledging  his  personal 
credit,  he  gave  more  money  to  Amherst  than  any  other  per- 
son residing  in  the  town.  But  there  was  a  limit  even  to  Le- 
land's  resources  of  time  and  strength,  and  in  1829  Dr.  Vaill 
was  given  a  permanent  appointment  to  solicit  gifts.  In  1832 
President  Humphrey  headed  a  group  to  solicit  $50,000  from 
the  public,  and  at  another  time  an  effort  was  made  to  raise  a 
fund  of  $100,000.  But  as  Hitchcock  remarks,  "  the  most  vigor- 
ous efforts  of  the  agents  were  barely  SLifficient  to  keep  the 
wheels  in  motion,  and  pay,  often  tardily,  the  rather  small  sal- 
aries of  the  officers  and  the  interest  on  the  debt."  Without 
the  Herculean  labors  of  Dr.  Vaill  and  Treasurer  Leland  and 
their  associates,  the  College  must  have  become  bankrupt. 

Behind  the  treasurer  were  the  Trustees;  seventeen  men  in- 
cluding the  president  of  the  College  who  was  ex  officio  a 
member  of  the  Board.  The  charter  required  that  the  Board 
at  all  times  include  seven  clergymen  and  ten  laymen.  Five 
vacancies  were  filled  by  the  legislature,  and  this  practice  con- 
tinued for  haff  a  century,  until  the  charter  was  amended, 
and  the  five  places  formerly  filled  by  the  vote  of  the  legisla- 
ture were  thereafter  filled  by  vote  of  the  alumni.  In  the  early 
days  of  the  College,  many  of  the  men  chosen  by  the  legisla- 
ture took  little  active  part  in  college  affairs;  some  took  no 
part.  Travel  was  diSicult  and  a  journey  from  the  eastern  part 
of  the  state  to  Amherst  was  a  matter  of  some  moment. 

The  Trustees,  faced  with  the  mounting  debts  of  the  Col- 
lege, hoped  for  some  financial  aid  from  the  Commonwealth 
of  Massachusetts,  which  had  made  grants  to  both  Harvard 
and  Williams  on  occasion.  In  1827,  two  years  after  the  grant- 
ing of  the  charter,  they  therefore  appealed  to  the  legislature 
[26] 


for  a  grant  of  money;  the  appeal  was  unsuccessful.  Again  in 
1831,  and  again  in  1837,  they  presented  appeals,  with  no  bet- 
ter success.  Williams  College  in  its  turn  presented  appeals  to 
the  legislature  in  1837  and  in  1839  and  in  1842,  without  suc- 
cess. Finally,  in  1846,  the  Trustees  of  Amherst  once  more 
prepared  the  customary  petition.  The  president  of  the  Sen- 
ate was  now  William  B.  Calhoun  of  Springfield,  who  had 
been  a  trustee  of  the  College  since  1829.  The  chairman  of 
the  Joint  Committee  to  which  the  petition  was  referred  was 
Jonathan  C.  Perkins,  an  alumnus  of  the  class  of  1832.  There 
were  at  least  two  other  Amherst  men  on  the  Committee  and 
several  other  alumni  in  the  legislature.  In  March  1847,  the 
governor  signed  a  bill  granting  the  College  the  sum  of  five 
thousand  dollars  annually  for  five  years. 

Two  years  later,  in  1849,  the  College  again  made  an  appeal 
to  the  legislature  for  financial  assistance,  this  time  in  com- 
pany with  Harvard  and  WiUiams.  President  Hitchcock  jour- 
neyed to  Boston,  where  he  conferred  with  President  Sparks 
of  Harvard  and  President  Mark  Hopkins  of  Williams.  The 
three  presidents  decided  to  ask  Edward  Everett  to  repre- 
sent them  before  the  legislative  committee.  Everett  had  re- 
cently retired  from  the  presidency  of  Harvard;  he  was  one  of 
the  leading  orators  of  his  time.  His  presentation  of  the  case 
for  the  three  colleges  was  subsequently  printed  and  a  copy  is 
in  the  archives.  It  did  not  persuade  the  legislators,  and,  as  we 
read  it  today,  we  are  compelled  to  agree  with  their  decision, 
for  he  presented  no  facts  to  sustain  his  appeal. 

The  College  subsequently  received  two  further  grants 
from  the  Commonwealth.  In  1859  a  bill  was  passed  granting 
a  portion  of  the  money  received  from  the  sale  of  the  Back 
Bay  lands  in  Boston,  which  had  recently  been  filled  in  by  the 
State,  to  five  institutions,  including  both  Amherst  and  Wil- 
liams. The  share  of  each  college  was  twenty-five  thousand 
dollars,  to  be  paid  when  the  college  raised  an  equal  amount 
from  other  sources.  Amherst  met  this  condition  in  1861,  when 
Dr.  Walker  gave  $25,000  to  found  the  Walker  Professorship, 
and  in  1863  the  Amherst  treasurer  received  the  grant  from 
the  Commonwealth.  In  the  same  year,  the  legislature  made 

[27] 


a  grant  to  the  College  of  $2,500  for  Dr.  Hitchcock's  Depart- 
ment of  Natural  History.  Since  1863,  Amherst  has  received 
no  grants  from  either  state  or  federal  government,  and,  so  far 
as  I  can  find,  has  made  no  request  for  such  aid.  These  early 
subventions  from  government,  however,  came  at  a  time  when 
the  College  was  sorely  in  need  of  help  to  keep  it  solvent.  And 
the  College's  record  since  has  abundantly  justified  the  confi- 
dence of  the  members  of  the  legislature  who  piloted  the  bills 
through  committee  and  enactment. 

It  will  be  interesting  to  consider  what  trustees  exercised 
responsibility  and  leadership  in  the  business  and  financial 
problems  of  the  early  college.  At  the  first  meeting  of  the 
Board,  held  on  April  13,  1825,  the  first  business  transacted 
was  the  election  of  officers.  The  next  was  the  election  of 
a  "  Prudential  Committee."  The  duties  of  this  committee, 
which  for  many  years  was  the  only  standing  committee  of  the 
Board,  are  defined  in  the  By-laws  of  the  Board  adopted  at 
its  next  meeting.  The  Committee  was  "  to  take  general  su- 
perintendence of  the  business  of  the  College,  to  watch  over 
its  pecuniary  interests,  and  advise  with  the  Treasurer  and 
Financier  as  to  the  discharge  of  the  duties  of  their  respective 
ofiices,  and  to  require  from  these  officers  whenever  deemed 
expedient  a  statement  of  their  accounts  or  a  delivery  of  the 
money  and  other  property  of  the  college  in  their  possession, 
and  generally  to  do  what  the  Trustees  themselves  would  do 
were  they  in  session  in  the  protection  of  the  sound  interests 
of  the  college."  The  Prudential  Committee  functioned  ac- 
tively for  nearly  half  a  century,  and,  to  some  extent  at  least, 
until  the  1890's.  Many  of  its  duties  were  assumed  by  the  Fi- 
nance Committee,  which  was  formally  established  in  1873, 
and  by  1896  the  Prudential  Committee  is  not  mentioned  in 
the  list  of  standing  committees  of  the  Board. 

The  membership  of  the  Prudential  Committee  elected  in 
1825  is  significant.  It  included  President  Humphrey  and  four 
hard-headed  laymen:  Strong,  Smith,  Graves,  and  Leland. 
Only  the  president  and  Lewis  Strong  were  actually  members 
of  the  Board.  Leland  was  Treasurer  and  later  Financier  as 
well,  and  was  of  course  the  working  member  of  the  commit- 
[28] 


tee.  Lewis  Strong  ( 1785-1863 )  was  a  Northampton  lawyer, 
a  graduate  of  Harvard,  and  son  of  a  former  governor  of  the 
Commonwealth.  Chief  Justice  Parsons  of  the  Massachusetts 
Supreme  Judicial  Court  said  of  him,  "he  is  the  strongest 
lawyer  in  all  the  western  counties."  Strong  attended  every 
meeting  of  the  Board  until  his  resignation  in  1833,  and  was 
a  member  of  the  Prudential  Committee  throughout  this 
period. 

The  fourth  member  of  the  earliest  Prudential  Committee 
was  a  country  banker,  Nathaniel  Smith  ( 1759-1833 )  of  Sun- 
derland, founder  and  for  many  years  president  of  the  Sun- 
derland Bank.  Smith  was  a  trustee  from  1821  to  1825,  before 
the  College  received  its  charter,  but  by  mistake  his  name 
was  omitted  from  the  list  of  trustees  included  in  the  char- 
ter of  the  College.  Nonetheless,  the  Board  appointed  him  to 
the  Prudential  Committee,  and  in  1828,  when  the  first  va- 
cancy occurred  in  the  Board,  he  was  formally  elected  a  trus- 
tee and  served  until  his  death  in  1833.  He  continued  on  the 
Prudential  Committee  until  a  year  before  his  death.  He  was 
l^y  far  the  largest  pecuniary  benefactor  of  the  College  during 
its  first  ten  years.  "  As  nearly  as  can  be  ascertained,"  says  a 
note  of  President  Humphrey,  "  Mr.  Smith  whose  property,  it 
is  presumed,  never  exceeded  thirty  thousand  dollars,  had 
contributed  about  eight  thousand  dollars  to  the  College  be- 
fore his  death,  and  his  will  contained  a  legacy  of  four  thou- 
sand dollars  more."  In  addition,  he  was  one  of  President 
Humphrey's  closest  advisers,  and  the  bank  of  which  he  was 
president  often  loaned  money  to  the  College.  On  his  death, 
the  president  preached  a  sermon  delineating  his  character, 
which  was  entitled  The  Good  Arimathean,  taking  his  text 
from  Luke  23:50.  Mr.  Smith's  wife  was  a  sister  of  Colonel 
Graves,  and  both  Mrs.  Smith  and  Mrs.  Graves  were  active  in 
behaH  of  the  College.  Mr.  Smith  was  long  remembered  in 
Sunderland  as  "  the  poor  man's  treasurer  and  the  widow's 
friend."  We  have  seen  that  the  Sunderland  Bank,  of  which 
Smith  was  president,  moved  to  Amherst  and  became  the 
Amherst  Bank  in  1831,  and  that  the  following  year  the  Char- 
ity Fund  began  its  acquisition  of  stock  in  the  bank.  The  fol- 

[29] 


lowing  year  Mr.  Smith  died,  long  before  the  defalcations  of 
the  cashier  ruined  the  bank  in  the  next  decade. 

And  the  Prudential  Committee  included  Colonel  Graves, 
whom  we  have  already  met  in  a  preceding  chapter.  He  re- 
mained on  the  committee  only  two  years. 

The  name  of  another  lay  trustee,  not  a  member  of  the  Pru- 
dential Committee,  stands  out  dramatically  in  the  story  of 
the  early  finances  of  the  College.  Because  of  his  cosmopoli- 
tan background,  which  contrasts  with  the  parochial  experi- 
ence of  many  of  the  early  Board,  because  he  was  the  first  and 
for  many  years  the  only  trustee  chosen  from  New  York  City, 
and  because  of  his  dramatic  qualities  of  personality,  Samp- 
son Vryling  Stoddard  Wilder  (1780-1865)  was  vividly  re- 
membered by  his  early  colleagues  on  the  Board.  He  served 
from  1824  till  1841.  Starting  as  a  clerk  in  his  native  town  of 
Lancaster,  Massachusetts,  he  later  moved  to  Boston  and 
opened  a  mercantile  business  of  his  own.  It  was  while  he  was 
still  a  clerk  in  Mrs.  Henley's  store  on  Main  Street  in  Charles- 
town  that  he  participated  in  making  medical  history.  The  use 
of  vaccination  for  smallpox  had  recently  been  discovered  in 
England,  and  was  introduced  in  this  country  by  a  Boston 
physician.  There  were  strong  prejudices  against  its  use  here 
on  religious  grounds,  and  the  Boston  physician  consulted  his 
minister,  as  he  was  unable  to  find  any  person  whatever  who 
would  volunteer  to  submit  to  be  vaccinated.  The  minister 
took  the  physician  at  once  to  Mrs.  Henley's  store  and  intro- 
duced him  to  young  Wilder.  Wilder  promptly  rolled  up  his 
sleeve  and  was  the  first  person  in  the  United  States  to  be  vac- 
cinated. Happily,  there  were  no  ill  eflFects.  The  three  sons  of 
the  minister  were  the  next  to  volunteer  to  serve  as  guinea 
pigs.  Wilder's  reputation  for  integrity  and  his  charm  of  man- 
ner gained  the  confidence  of  William  Gray,  the  merchant 
prince  of  Salem,  who  made  him  the  agent  for  his  business  in 
Europe,  and  he  is  said  to  have  made  over  a  hundred  thou- 
sand dollars  for  Gray.  Between  1803  and  1823  Wilder  re- 
sided most  of  the  time  in  Paris,  making  immense  purchases 
of  silks  and  other  French  goods  for  different  American  and 
English  houses.  He  crossed  the  ocean  sixteen  times,  and  the 
[30] 


crossings  in  the  sailing  vessels  of  the  day  were  not  the  com- 
mon occurrences  they  later  became  in  the  age  of  steam.  He 
represented  the  United  States  at  the  marriage  of  the  Em- 
peror Napoleon,  as  our  Minister  was  sick  and  unable  to  be 
present.  He  was  present  when  the  victorious  allies  marched 
into  Paris.  And  he  even  developed  a  plan  for  Napoleon's  es- 
cape to  this  country  in  one  of  the  Wilder  vessels,  and  oflFered 
Napoleon  shelter  in  his  own  country  home  in  Bolton,  Massa- 
chusetts. Returning  to  this  country  in  1823,  he  opened  busi- 
ness in  Wall  Street,  became  the  first  president  of  the  Ameri- 
can Tract  Society,  and  a  trustee  of  the  Collegiate  Institution 
at  Amherst  which  had  not  yet  secured  a  charter. 

One  of  his  most  important  and  most  dramatic  services  to 
the  College  was  performed  in  1824.  The  legislature  had  ap- 
pointed an  Investigating  Committee  to  visit  Amherst,  with 
the  power  to  subpoena  witnesses  and  papers  and  to  report 
on  whether  a  charter  should  be  granted  the  young  institu- 
tion. It  had  been  said  by  the  opponents  of  the  College  that 
the  subscriptions  to  the  Charity  Fund  would  never  be  paid 
in  full,  that  many  had  been  obtained  by  false  representa- 
tions, and  that,  according  to  the  College's  own  showing,  it 
did  not  have  funds  sufficient  to  sustain  a  college.  The  oppo- 
sition was  led  by  a  representative  from  the  Berkshires  and  by 
one  from  the  town  of  Northfield  whom  Tyler  describes  as 
a  "  rum-selling  Unitarian  minister."  When  the  Committee 
opened  its  hearings  in  Amherst,  the  College  produced  the 
notes  which  had  been  given  to  the  Charity  Fund.  The  first 
was  signed  by  a  resident  of  Danvers.  One  of  the  lawyers 
asked,  "  Who  is  this  Mr.  P.  who  signs  this  note?  Who  knows 
anything  about  his  responsibility?  "  "  Will  you  let  me  look  at 
that  note?  "  said  Mr.  Wilder,  who  was  present  as  a  trustee. 
After  looking  at  it  for  a  moment,  he  took  a  wallet  from  his 
pocket,  and  said,  "  Mr.  Chairman,  I  will  cash  that  note,"  and 
laid  down  the  money.  The  second  and  third  notes  that  were 
questioned  he  cashed  in  the  same  way.  The  chairman  then 
interposed  and  said,  "  We  did  not  come  here  to  raise  money 
for  Amherst,"  and  after  that,  few  objections  were  raised  to 
the  soundness  of  the  pledges  to  the  Charity  Fund.  President 

[31] 


Humphrey  remarked  in  one  of  his  historical  sketches  that  the 
investigation  was  worth  more  to  the  College  than  a  subscrip- 
tion of  $10,000.  Unfortunately,  we  do  not  know  how  much 
money  Mr.  Wilder  brought  up  to  Amherst  from  New  York 
for  this  hearing.  The  legislative  committee  made  its  report  in 
the  autumn  and  the  charter  was  granted. 

An  earlier  and  unsuccessful  effort  of  Mr.  Wilder's  for  the 
College,  he  himself  told  later.  Soon  after  his  election  to  the 
Board,  President  Humphrey  persuaded  him  to  call  on  his  old 
business  friend,  William  Gray  of  Salem.  Gray  was  a  Unitar- 
ian and  had  been  lieutenant  governor  of  the  Common- 
wealth. Colonel  Graves  had  been  working  on  him  for  several 
months  in  the  hope  of  a  generous  subscription  and  also  of 
converting  him  to  the  orthodox  faith  of  Congregationalism, 
but  without  success  in  either  aim.  Wilder,  with  the  authority 
of  the  Board,  then  called  on  Mr.  Gray  and  told  him  that  if  he 
made  a  gift  of  $30,000  to  the  College,  the  College  would 
change  its  name  to  Gray  College  and  would  set  aside  two 
rooms  where  his  descendants  could  have  free  tuition,  room, 
board,  lights,  etc.,  in  perpetuity.  Gray  declined.  When  the 
charter  was  granted,  Mr.  Gray  was  named  a  trustee,  but  he 
died  before  taking  office.  The  sequel,  as  told  by  Mr.  Wilder, 
is  equally  dramatic. 

Seven  years  after  the  death  of  Mr.  Gray,  two  men  called 
on  Mr.  Wilder  in  Wall  Street  to  beg  that  he  use  his  influence 
to  secure  free  tuition  at  Amherst  for  a  grandson  of  William 
Gray,  whose  father  had  spent  his  large  patrimony  in  seven 
years  and  was  now  a  physical  wreck  with  eleven  children 
dependent  on  him.  Mr.  Wilder  replied  that  the  college  funds 
provided  free  tuition  only  for  young  men  of  hopeful  piety 
preparing  for  the  ministry,  and  that  as  young  Gray  did  not 
have  this  profession  in  mind,  he  could  do  nothing  for  him. 
"  On  these  gentlemen  retiring  from  my  office, "  says  Wilder, 
"  I  was  left  with  a  sorrowful  heart,  reflecting  on  the  mutabil- 
ity of  all  earthly  calculations,  yet  consoled  with  the  cheering 
thought  that  the  wise  designs  of  God  will,  through  all,  be 
accomplished." 

Mr.  Wilder  was  a  constant  attendant  at  all  meetings  of  the 
[32] 


Amherst  Board;  probably  the  trip  by  boat  from  New  York  to 
Hartford  and  by  stagecoach  from  Hartford  to  Amherst  was 
of  httle  moment  to  a  man  who  had  crossed  the  North  Atlan- 
tic so  often  in  sailing  vessels  in  all  seasons  of  the  year.  On  sev- 
eral occasions  when  the  College  was  in  desperate  straits,  he 
became  personally  responsible  for  large  sums  for  its  relief. 
One  method  by  which  he  and  others  assisted  the  College  fi- 
nancially was  to  give  the  treasurer  a  note  which  the  treasurer 
then  discounted  at  the  bank.  When  the  note  came  due,  the 
treasurer  was  expected  to  find  funds  to  take  it  up  without 
calling  on  the  maker  of  the  note.  After  Wilder's  death  such  a 
note  of  his  turned  up  in  the  files  of  the  College,  and  the  Trus- 
tees directed  the  treasurer  to  cancel  it  instead  of  presenting 
it  as  a  claim  against  Wilder's  estate. 

When  financial  misfortune  at  last  overtook  him,  he  re- 
signed from  the  Board  on  the  ground  that  he  could  no  longer 
contribute  as  he  had  done  in  the  past.  President  Humphrey's 
letter  in  accepting  the  resignation  is  a  touching  tribute  of  the 
feeling  of  the  Board  for  one  who  had  been  with  them  "  in 
six  troubles,  yea  in  seven." 

Another  trustee  whom  the  College  relied  on  in  financial 
matters  was  Israel  E.  Trask  (1773-1835).  Born  in  Brimfield, 
he  studied  law  in  Richmond,  Virginia.  Later  he  served  in  the 
army  that  marched  to  suppress  the  insurrection  in  Western 
Pennsylvania  known  as  the  Whiskey  Rebellion.  And  then,  on 
the  advice  of  Alexander  Hamilton,  he  moved  to  Natchez, 
Tennessee,  to  practice  law.  On  the  purchase  of  Louisiana  by 
President  Jefferson,  he  was  appointed  to  conduct  the  negoti- 
ations with  the  French  authorities,  and  when  Governor  Clai- 
borne went  in  with  United  States  troops  to  take  possession. 
Colonel  Trask  accompanied  him  as  his  aide.  After  practicing 
law  for  a  few  years  in  New  Orleans,  his  health  failed,  and  he 
returned  to  New  England,  to  reside  first  in  Brimfield  and 
then  in  Springfield.  He  was  a  member  of  the  Board  from 
1821  to  1835,  during  which  time  he  missed  only  one  meeting 
of  the  Board. 

In  1835  John  Leland  resigned  the  ofiice  of  treasurer  of  the 
College.  It  was  two  years  before  the  panic  of  1837  broke. 

[331 


But  the  College  was  still  in  debt,  as  it  had  been  almost  from 
the  beginning.  The  most  valiant  efforts  of  the  treasurer  and 
Dr.  Vaill  and  President  Humphrey  and  their  colleagues  had 
succeeded  only  in  keeping  the  infant  institution  afloat.  Hitch- 
cock suggests  that  Leland's  work,  indispensable  as  it  was, 
was  not  adequately  appreciated  at  the  time.  Subsequent 
treasurers  have  worked  tirelessly  for  the  College  and  at  in- 
adequate salaries,  but  none,  so  far  as  I  know,  has  pledged  his 
personal  credit  in  addition,  and,  beyond  that,  has  made  large 
financial  gffts  to  the  institution.  Leland  did  this  although  he 
had  a  large  and  invalid  family  to  support.  On  his  resignation, 
the  Board  passed  a  resolution  of  appreciation  which  seems 
today  peculiarly  inadequate  and  indeed  perfunctory.  After 
briefly  noticing  "  his  long  and  faithful  service  "  the  Board 
thanks  him  "  for  the  lively  interest  which  he  has  ever  taken 
in  the  prosperity  of  this  Institution."  The  word  "  prosperity  " 
in  the  resolution  must  have  seemed  ironic  to  the  retiring 
treasurer  who  had  struggled  manfully  for  fourteen  years  to 
meet  each  college  note  when  it  fell  due  and  who,  through  no 
fault  of  his  own  and  no  lack  of  prudent  foresight  on  his  part, 
had  watched  the  College  slip  further  and  further  into  debt. 
Happily,  he  lived  on  for  nearly  thirty  years,  and  for  most  of 
the  time  in  Amherst,  in  the  shadow  of  the  college  which  he 
had  tended  and  nourished  in  its  infancy.  When  he  died,  in 
1864,  Amherst  College  was  well  founded  and  well  estab- 
lished. 


[34] 


Chapter  Four 

EDWARD    DICKINSON,    Treasurer 
1835-1873 


In  1835  Edward  Dickinson  was  elected  treasurer  of  the 
College  to  succeed  John  Leland,  and  began  a  service  which 
was  to  continue  without  interruption  for  thirty-eight  years. 
When  he  took  office  the  College  was  deeply  in  debt,  as  we 
have  seen,  and  its  expenditures  each  year  were  running  ahead 
of  its  income.  It  had  no  endowment  except  the  Charity  Fund, 
its  buildings  were  in  a  sad  state  of  disrepair,  its  friends  were 
in  grave  doubt  as  to  whether  the  College  could  in  fact  sur- 
vive. At  the  end  of  his  term  the  College  had  assets  of  over  a 
million  dollars.  Its  endowment,  including  the  Charity  Fund 
(which  now  amounted  to  $72,000),  was  valued  at  $595,000. 
Its  annual  income  was  approximately  $50,000,  of  which  $28,- 
000  was  from  student  fees  and  $22,000  from  endowment  in- 
come. "  The  best  financier  in  the  corporation,"  says  Tyler, 
"has  publicly  announced,  as  the  result  of  careful  examina- 
tion for  many  successive  years,  that,  as  Treasurer  of  Amherst 
College,  Dickinson  has  never  lost  a  dollar.  And  one  of  the 
sharpest  and  shrewdest  of  the  Board  of  Overseers  declares 
that  after  the  most  prolonged  and  patient  scrutiny  of  Dick- 
inson's books  and  accounts,  only  a  single  error  of  less  than  a 
hundred  dollars  could  be  detected,  and  that  error  was  against 
himself."  Edward  Dickinson  was  a  good  treasurer;  he  was 
also  the  most  distinguished  citizen  of  Amherst  of  his  day.  He 
is  now  known  as  the  father  of  a  daughter  Emily  who  seems 
reasonably  assured  of  poetic  immortality. 

Edward  Dickinson  was  the  son  of  Samuel  Fowler  Dickin- 
son, one  of  the  founders  of  the  College.  Samuel  was  bom  in 

[35] 


Amherst  in  1775,  the  son  of  a  farmer  in  East  Amherst,  pre- 
pared for  college  with  Judge  Strong  of  Amherst,  and  gradu- 
ated from  Dartmouth  at  the  age  of  twenty,  receiving  the  sec- 
ond appointment,  the  Salutatory  Oration.  A  year  later  he 
had  a  severe  illness  which  was  the  means  of  his  conversion. 
He  studied  for  the  ministry,  but,  deciding  he  needed  a  more 
active  life,  changed  to  the  study  of  the  law.  He  ranked 
among  the  best  lawyers  in  Hampshire  County,  was  a  repre- 
sentative of  Amherst  in  the  General  Court,  and  later  a  mem- 
ber of  the  Massachusetts  Senate.  He  was  one  of  the  found- 
ers of  Amherst  Academy  and  later  one  of  the  two  most 
important  men  in  the  founding  of  the  College.  As  Tyler  says, 
"  If  Col.  Graves  was  the  hand,  Esq.  Dickinson  was, the  head 
in  the  founding  and  rearing  of  Amherst  College!  When  South 
College  was  being  built,  Mr.  Dickinson  pledged  his  private 
property  to  the  bank  to  obtain  money  to  continue  the  work. 
His  own  horses  hauled  the  material  for  weeks  at  a  time,  and 
if  he  had  no  one  available  to  drive  them,  he  took  the  reins 
himself.  He  boarded  many  of  the  workmen,  and  sometimes 
paid  their  wages  out  of  his  own  pocket.  And  at  last  became 
financially  embarrassed  and  actually  poor.  And  in  his  pov- 
erty he  had  '  the  additional  grief  of  feeling  that  his  services 
were  forgotten.'  He  later  became  Steward  of  Lane  Seminary 
in  Cincinnati  and  afterwards  of  Western  Reserve  College." 

Edward  was  born  in  Amherst  on  January  1,  1803,  edu- 
cated in  the  public  schools  of  Amherst  and  in  Amherst  Acad- 
emy, was  a  member  of  the  first  junior  class  of  the  College, 
but  transferred  to  Yale  for  his  senior  year  and  took  his  degree 
in  1823.  He  needed  a  degree  and  Amherst  did  not  have  the 
right  to  grant  degrees  until  1825.  He  studied  law  for  two 
years  in  his  father's  ofiice  and  a  third  year  at  the  Northamp- 
ton Law  School,  and  began  practice  in  Amherst  in  1826.  His 
practice  continued  for  almost  fifty  years;  he  became  the  lead- 
ing lawyer  in  the  town;  represented  the  town  in  the  legisla- 
ture on  two  occasions;  for  two  years  was  a  member  of  the 
Massachusetts  Senate;  for  two  years  a  member  of  the  Gov- 
ernor's Council;  and  for  one  term  a  member  of  Congress. 

"  Edward  Dickinson,"  says  Tyler,  "  made  enemies  by  his 
[36] 


unbending  firmness  of  purpose  and  his  great  freedom  and 
boldness  of  speech  under  excitement;  but  no  enemy,  whether 
personal  or  pohtical,  has  ever  questioned  the  integrity  of  his 
character,  the  purity  of  his  life,  or  the  breadth,  depth,  and 
intensity  of  his  public  spirit."  He  retired  as  treasurer  in  1873 
and  died  a  year  later. 

Dickinson's  initial  salary  as  treasurer  was  $300  per  an- 
num, the  same  as  his  predecessor's.  When  he  retired,  nearly 
forty  years  later,  his  salary  had  increased  to  $666.67. 

When  Dickinson  took  office,  economic  conditions  were  de- 
teriorating in  the  country  as  a  whole.  There  was  a  crop  fail- 
ure in  1835,  and  two  others  in  1837  and  1838.  In  May  1837 
the  panic  broke,  with  the  suspension  of  the  New  York  banks. 
In  the  summer  of  1838,  specie  payments  were  resumed,  but 
another  reaction  set  in.  Banks  failed  by  the  hundreds,  unem- 
ployment spread,  and  prices  fell.  In  1841  the  United  States 
Bank  suspended  again,  and  was  liquidated  with  the  total  loss 
of  the  stockholders'  money.  It  was  not  until  1843  that  busi- 
ness began  to  improve,  but  recovery  was  slow  until  1845. 
Railroad  construction  was  undertaken  on  an  unprecedented 
scale,  foreign  capital  came  to  this  country,  and  for  ten  years 
we  had  a  period  of  sustained  prosperity  known  as  the  Golden 
Age.  While  New  England  suffered  less  than  other  sections  of 
the  country  in  the  panic  of  1837,  it  was  a  most  trying  time  for 
a  young  treasurer  of  a  struggling  college.  Happily,  both  the 
College  and  its  treasurer  survived. 

I  have  been  unable  to  find  any  of  the  books  of  account  or 
other  official  records  kept  by  Treasurer  Dickinson.  We  have, 
however,  the  minutes  of  the  Prudential  Committee  for  this 
period,  and  they  illustrate  dramatically  in  what  sore  financial 
straits  the  College  was.  At  its  meeting  in  March  1834,  the 
Committee  authorized  the  treasurer  to  borrow  $300  to  buy 
wood.  In  July  1837,  it  authorized  him  to  borrow  $500  from 
the  town.  In  April  1838,  it  authorized  him  to  borrow  $2,000. 
In  August  1839,  the  Committee  requested  the  Trustees  "  to 
direct  in  what  manner  funds  shall  be  raised  to  pay  the  debts 
of  the  College."  In  June  1841,  the  Committee  authorized  the 
treasurer  to  borrow  from  the  Charity  Fund.  In  May  1842,  it 

[37] 


authorized  him  to  borrow  $100  from  S.  F.  Cutler.  And  in  July 
of  the  same  year,  it  authorized  him  to  place  a  mortgage  on 
the  college  buildings. 

At  the  same  meeting  in  1842,  there  is  a  feeble  suggestion 
of  better  things  to  come;  the  College  receives  thirty  shares 
of  the  Randolph  ( Massachusetts )  Bank,  but  the  donor  is  to 
retain  the  income  during  his  lifetime  and  that  of  his  wife. 
And  in  October  1842  there  is  another  bright  spot;  the  treas- 
urer is  authorized  to  loan  on  good  security  any  money  that 
may  be  paid  in  for  professorships. 

But  in  August  1843  the  Committee  was  forced  to  author- 
ize the  treasurer  to  place  a  mortgage  on  the  president's  house. 
And  in  February  1845  there  is  further  borrowing  from  the 
Charity  Fund. 

Tyler  tells  us  of  the  Herculean  eflPorts  being  made  during 
this  period  to  save  the  College  from  complete  collapse.  In 
1841  the  debts  of  the  College,  he  says,  had  reached  an  aggre- 
gate of  $15,000,  and  were  increasing  at  the  rate  of  three  or 
four  thousand  dollars  each  year.  In  this  emergency  the  Trus- 
tees drafted  Dr.  Vaill,  himself  a  trustee,  as  agent  of  the  Col- 
lege. Vaill  resigned  his  pastorate  in  Brimfield  and  accepted 
the  post,  at  a  salary  equal  to  a  professor's  salary.  For  four 
years  he  spent  his  entire  time  in  soliciting  gifts  for  the  Col- 
lege. In  August  1845  he  was  able  to  report  subscriptions, 
conditional  and  unconditional,  of  $67,000,  of  which  he  had 
collected  and  paid  into  the  treasury  $51,000.  And  three  years 
later,  after  the  close  of  his  agency,  he  reported  the  collec- 
tion of  $4,433  additional.  Many  of  the  subscriptions  were 
made  on  the  condition  that  the  College  raise  a  total  of 
$100,000.  To  meet  this  condition  required  $33,000  more.  The 
resourceful  Dr.  Vaill  was  able  to  report  that  David  Sears,  a 
Boston  merchant,  was  giving  the  College  a  fund  of  $10,000; 
that  a  benevolent  individual  had  placed  the  College  in  his 
will  for  $11,000;  and  that  he  had  a  letter  from  another  indi- 
vidual saying  he  had  "  the  full  intention  "  of  founding  a  pro- 
fessorship by  a  gift  of  $15,000.  The  majority  of  tlie  subscrib- 
ers, Tyler  says,  accepted  this  as  meeting  the  condition  of  a 
$100,000  fund,  and  made  their  subscriptions  unconditional. 
[38] 


"  But,"  adds  Tyler,  "  deduct  from  the  $51,000  which  had 
actually  been  paid  into  the  treasury  by  Dr.  Vaill,  the  debt 
which  was  reported  to  the  legislature  in  1838  as  $15,000,  the 
excess  of  the  outgoes  above  the  income  in  the  interval  of 
seven  years  at  the  rate  of  three  or  four  thousand  dollars  a 
year,  and  the  salary  and  expenses  of  the  agent  which  ex- 
ceeded $4000,  and  it  will  be  seen  that  very  little  remained." 
And  in  a  footnote  Tyler  adds  that  no  one  seems  to  have 
known  just  what  the  amount  of  the  college  debt  was,  an 
oblique  commentary  on  the  system  of  bookkeeping  employed 
by  the  College  at  the  time.  My  own  guess  is  that  Treasurer 
Dickinson  knew  at  all  times  just  how  much  the  College  owed; 
but  as  part  of  the  debt  was  to  outsiders  and  part  to  the  Char- 
ity Fund,  and  as  there  was  some  question  in  the  minds  of 
Hitchcock  and  others  as  to  the  propriety  of  the  action  of  the 
Prudential  Committee  lq  borrowing  from  the  Charity  Fund, 
the  treasurer  was  embarrassed  to  make  a  positive  statement 
as  to  the  amount  of  the  debt.  We  know  that  Dickinson  was 
a  man  of  stubborn  uprightness,  he  was  a  competent  lawyer; 
and  the  borrowing  from  the  Charity  Fund  had  begun  before 
he  became  treasurer  and  was  continued  by  order  of  the  Pru- 
dential Committee,  to  which  committee  he  was  responsible. 
In  any  event,  the  College's  situation  was  so  desperate  that 
the  president  had  no  alternative  but  to  tender  his  resigna- 
tion to  the  Board.  At  a  special  meeting  of  the  Board  in 
Worcester  in  January  1844,  the  Board  accepted  President 
Humphrey's  resignation.  The  critical  situation  of  the  College 
was  now  so  widely  known  that  the  two  men  whom  the  Board 
successively  elected  to  the  presidency  of  the  College  de- 
clined the  post. 

But  at  the  Worcester  meeting  "  the  first  gleam  of  sunshine 
from  without  dawned  upon  the  College  in  the  darkness," 
says  Tyler.  David  Sears,  the  Boston  merchant,  gave  the  Col- 
lege $10,000.  This  was  not  only  the  largest  donation,  but  the 
first  donation  of  any  considerable  magnitude  that  had  ever 
been  given  at  one  time  by  a  single  individual.  It  was  the  be- 
ginning of  Mr.  Sears'  Foundation  of  Literature  and  Benevo- 
lence. 

[39] 


And  a  year  later,  on  April  14,  1845,  Edward  Hitchcock 
was  inducted  into  office  as  president  of  the  College.  On  the 
day  of  his  inauguration,  the  Board  accepted  the  gift  of  Sam- 
uel Williston  of  $20,000  to  found  a  professorship  of  Rhetoric 
and  Oratory.  A  little  later  Mr.  Williston  offered  $10,000  more 
to  found  another  professorship,  provided  the  gift  was 
matched,  and  Samuel  A.  Hitchcock  of  Brimfield  gave  the  nec- 
essary $10,000.  The  Board  named  this  the  Hitchcock  Profes- 
sorship of  Natural  Theology  and  Geology.  Mr.  Hitchcock's 
share  was  paid  by  the  delivery  to  the  College  of  ten  shares 
of  the  stock  of  the  Hamilton  Woolen  Company  which  he  had 
bought  two  years  before  at  par.  Later,  probably  in  1850, 
when  Hitchcock  thought  these  securities  might  fall  below 
par,  he  added  two  thousand  dollars  to  the  gift.  Mr.  Williston 
then  oflFered  $20,000  more  to  found  a  professorship  of  Greek 
and  Hebrew,  and  the  Board  named  this  the  Graves  Profes- 
sorship. These  gifts  of  Mr.  Williston's  amounted  to  $50,000. 
They  were  secured  by  President  Hitchcock,  who  knew  that 
Mr,  Williston  had  made  a  bequest  of  this  amount  to  the  Col- 
lege in  his  will,  and  suggested  that  he  anticipate  the  gift. 
The  president  in  return  offered  to  change  the  name  of  the 
College  to  Williston,  but  Mr.  Williston  suggested  that  no 
action  be  taken  during  his  lifetime. 

In  1847  the  College  received  its  first  grant  from  the  State 
of  $25,000.  The  vote  of  the  Board  was  as  follows: 

Voted,  That  $4000  of  the  funds  of  the  College,  and  enough 
more  from  the  $25,000  lately  given  by  the  State,  to  amount  to 
$12,465  be  appropriated  to  the  immediate  payment  of  the  col- 
lege debt;  which  those  sums  would  entirely  cancel. 

And  voted,  That  of  the  remainder  of  the  $25,000  bestowed  by 
the  State,  an  adequate  sum  be  devoted  to  the  endowment  of  the 
Professorship  of  Chemistry  and  Natural  History;  which  will 
hereafter  take  the  name  of  the  Massachusetts  Professorship  of 
Chemistry  and  Natural  History. 

"  See  how  altered  was  the  condition  of  the  College!  "  ex- 
claims Hitchcock.  Its  debt  was  paid;  it  had  four  endowed 
professorships  and  the  Sears  Fund;  and  it  had  a  new  building, 
[40] 


the  Woods  Cabinet.  No  wonder  that  when  the  president 
made  announcement  of  these  gifts  to  the  student  body  after 
evening  prayers,  "  the  cheering  was  long  and  loud." 

We  may  note  in  passing  that  in  spite  of  the  reduction  in 
the  debt  by  the  money  raised  by  Dr.  Vaill,  there  was  still  a 
debt  of  over  $12,000  in  1847.  Never  again  was  the  College  in 
such  desperate  straits;  financial  problems  it  was  to  continue 
to  have;  other  presidents  would  operate  for  years  with 
mounting  deficits;  other  treasurers  would  borrow  money; 
vigorous  pruning  of  expenses  would  often  be  necessary;  but 
never  again  would  there  be  grave  doubt  as  to  whether  the 
College  could  go  on.  In  1847  the  future  of  Amherst  College 
was  assured.  Hitchcock  saved  the  College  from  certain  ex- 
tinction. A  new  era  opened. 

The  way  he  did  it  was  relatively  simple.  President  Hum- 
phrey had  lost  control  of  the  situation.  When  income  de- 
creased, he  had  been  unable  to  reduce  expenses.  Each  year 
he  had  spent  more  than  he  had  taken  in;  each  year  the  situa- 
tion became  more  hopeless;  each  year  new  efforts  were  made 
to  beg  money  from  the  friends  of  the  College;  and  each  year 
the  friends  of  the  College  became  more  and  more  loath 
to  contribute  to  an  institution  which  seemed  unable  to 
straighten  out  its  ov^ni  finances.  Hitchcock  balanced  the 
budget  by  securing  the  agreement  of  his  colleagues  on  the 
faculty  to  accept  as  compensation  what  was  left  at  the  end 
of  the  year  after  paying  the  operating  expenses  of  the  year. 
The  interest  on  the  college  debt  was  not  to  be  paid  from  cur- 
rent receipts,  according  to  the  agreement,  and  therefore  ac- 
cumulated till  the  debt  was  liquidated.  We  have  still  in  the 
files  the  memorandum  in  Hitchcock's  handwriting  contain- 
ing an  estimate  of  expected  income,  an  estimate  of  operat- 
ing expenses,  and  an  estimate  of  distribution  of  the  remain- 
der between  president  and  professors.  The  parties  agreed 
that  the  salary  of  the  president  should  be  125%  of  the  salary 
of  a  professor.  They  became  partners  in  a  co-operative  enter- 
prise. Each  had  the  same  incentive  to  save  every  unnecessary 
expense  for  the  College.  At  once  the  budget  was  in  balance. 
And  throughout  his  term  as  president  he  made  it  a  rule 

[41] 


which  for  him  had  almost  a  reUgious  sanction,  to  spend  no 
money  for  the  College  until  the  money  was  in  hand.  At  the 
same  time  he  discontinued  the  general  solicitation  of  funds 
through  an  agent,  and  he  never  resumed  this  practice.  The 
members  of  the  Congregational  churches  in  the  towns  of 
Massachusetts  were  no  longer  dunned  every  year  for  a  con- 
tribution to  the  College;  they  soon  saw  that  the  College  was 
a  going  concern.  Hitchcock  was  as  deeply  religious  as  his 
predecessor,  but  he  was  a  realist  through  and  through.  He 
was  dyspeptic,  crotchety,  and  pessimistic;  he  had  none  of  the 
sanguine  temperament  which  characterized  the  men  who 
founded  the  College.  They  trusted  in  the  Lord,  and  expected 
the  ravens  to  feed  the  sons  of  the  prophet  who  were  gath- 
ered on  "  the  consecrated  eminence  ";  he  trusted  equally  in 
the  Lord,  but  not  in  the  ravens.  He  insisted  that  the  College 
pay  its  way  each  year.  They  founded  the  College;  he  placed 
it  on  sound  foundations.  They  begged  from  the  churchgoing 
public  until  they  wore  out  this  generous  clientele;  he  pre- 
sented the  opportunity  to  a  few  men  of  large  property  to  es- 
tablish permanent  funds  to  support  the  professorships.  Men 
who  were  unwilling  to  pour  money  into  a  well  that  seemed 
to  have  no  bottom  recognized  the  integrity  of  his  manage- 
ment of  the  finances  of  the  College.  Bruce  Barton  a  hundred 
years  later  spoke  of  a  gift  toward  the  endowment  of  the  Col- 
lege as  "  an  investment  in  immortality."  Hitchcock  used  the 
same  argument,  though  probably  not  the  same  words.  It  was 
nearly  eighty  years  before  the  College  made  another  general 
appeal  for  funds;  and  then  the  appeal  was  to  the  alumni  of 
the  College,  and  was  primarily  for  additional  endowment. 

We  have  in  the  files  the  first  statement  of  the  assets  of  the 
College.  It  is  undated,  but  was  prepared  in  1847  by  Presi- 
dent Hitchcock  and  certified  by  him.  It  is  entitled  "  State- 
ment of  the  Funds,  Buildings,  Libraries,  etc.,  of  Amherst 
College  "  and  may  be  summarized  as  follows : 

"  1.  Charity  Fund  $51,807 

2.  Williston  Professorship  20,000 

3.  Hitchcock  Professorship  20,000 

4.  Graves  Professorship  20,000 
[42] 


5.  Legislative  grant  of  $25,000  of  which  first  in- 
installment  of  $5,000  aheady  paid;  second  in- 
stallment anticipated  to  pay  debts.  Balance 
$13,333  will  endow  Massachusetts  Professor- 
ship. 

6.  Stimson  Fund  (3,333) 

7.  Sears  Fund  12,700 

8.  About  $4,000  in  funds  not  active,  but  subject  to 
life  estates 

9.  Real  Estate: 

1.  Parsons  House  2,000 

2.  President's  House  5,000 

3.  Chapel  10,000 

4.  3  Dormitories  24,000 

5.  New  cabinet  and  observatory  8,000 

10.  Philosophical  and  chemical  apparatus 

11.  Library     15,000  volumes 

12.  Number  of  students     150  " 

We  are  not  accustomed  to  seeing  students  listed  as  an  asset 
in  a  financial  statement,  but  Hitchcock  was  a  realist  and 
knew  that  their  fees  helped  to  pay  the  costs  of  operating  the 
College. 

Three  men  made  large  gifts  to  the  College's  endowment  at 
this  time:  David  Sears  of  Boston,  Samuel  Williston  of  East- 
hampton,  and  Samuel  A.  Hitchcock  of  Brimfield.  Each  was  a 
wealthy  man  according  to  the  standards  of  the  day;  each 
made  generous  subsequent  gifts  to  Amherst;  and  Williston 
served  as  trustee  of  the  College  for  a  third  of  a  century. 

David  Sears  ( 1787-1871 )  was  one  of  the  richest  men  of  his 
day  in  Boston.  His  father  had  come  up  to  Boston  from  Cape 
Cod  and  made  a  fortune  in  trade  with  the  East  Indies  and 
China.  David  graduated  from  Harvard,  and  before  he  was 
thirty  inherited  his  father's  estate  of  some  eight  hundred 
thousand  dollars,  which  was  said  to  be  the  largest  amount 
ever  inherited  in  New  England  by  a  single  individual.  His 
property  was  increased  by  his  marriage  to  the  daughter  of 
Jonathan  Mason.  He  built  himself  one  of  the  finest  houses 
on  Beacon  Street,  overlooking  Boston  Common,  a  house 
now  occupied  by  the  Somerset  Club,  and  lived  as  a  young 

^[43] 


man  of  fashion.  As  he  grew  older,  he  made  generous  gifts  to 
rehgious  and  educational  causes,  developed  what  is  now  the 
section  of  Longwood,  lived  the  life  of  a  courtly  gentleman, 
and  served  for  a  time  on  the  Board  of  Overseers  of  Harvard. 
He  never  visited  Amherst,  although  often  invited.  His  inter- 
est in  the  College  was  enlisted  by  the  self-denial  and  sacri- 
fice of  the  faculty  at  the  time  when  they  were  struggling  des- 
perately, with  Hitchcock,  to  save  the  College. 

His  first  gift  established  the  Sears  Fund  of  Literature  and 
Benevolence,  the  first  permanent  fund  for  general  purposes 
given  to  the  College.  It  comprised  a  piece  of  land  at  the  cor- 
ner of  Leverett  and  Barton  Streets,  Boston,  valued  at  $5,000 
and  subject  to  a  lease  running  till  1928.  At  the  same  time, 
Mr.  Sears  gave  the  College  $5,000  in  cash.  The  deed  of  gift, 
which  is  long  and  complicated,  provided  that  one-half  the 
income  should  be  added  each  year  to  the  principal,  "  pro- 
vided that  the  donor  or  his  representatives  do  not  exercise 
the  right  of  demanding  this  half  which  is  reserved  to  them." 

In  1847  Mr.  Sears  deeded  to  the  College  another  piece  of 
Boston  real  estate,  on  Brattle  Street.  This  was  subject  to  a 
lease  running  to  1919;  the  rent  was  "  fourteen  ounces,  eight 
pennyweight  and  eighteen  grains  of  pure  gold;  or  two  hun- 
dred and  sixteen  ounces  and  two  grains  of  pure  silver  in  coins 
of  the  United  States  of  America,  on  the  premises  to  be  deliv- 
ered, in  four  equal  and  quarter  yearly  payments." 

In  1872  the  annual  income  of  the  fund  was  some  $2,300, 
and  the  accumulated  cash  capital  just  under  $25,000.  The 
Leverett  Street  property  was  sold  by  the  College  in  the 
1920's  for  $2,997,  and  the  Brattle  Street  property  has  re- 
cently (1946)  been  sold  for  $9,000.  In  1948  the  Sears  Fund 
as  a  whole  amounted  to  about  $260,000.  Sears  later  gave  the 
College  a  mystery  box,  not  to  be  opened  until  1950,  which 
now  rests  in  the  vaults  of  the  treasurer's  office. 

David  Sears  died  in  1871,  nearly  thirty  years  after  his 
gifts  to  the  College.  During  his  lifetime  he  never  made  de- 
mand on  the  College  for  one-half  the  income.  But  in  1872  his 
eldest  son,  David,  Junior,  made  such  a  demand,  which  he  re- 
newed the  following  year.  The  demand  was  referred  to  the 
[44] 


Finance  Committee  of  the  Board,  and  President  Stearns 
called  on  young  Mr.  Sears  and  so  did  Alpheus  Hardy,  a  dis- 
tinguished trustee.  Hardy  was,  in  fact,  managing  the  Sears 
family  trusts.  Hardy,  speaking  for  the  Board,  refused  the  de- 
mand of  young  Sears  and  asserted  the  right  of  the  College  to 
the  entire  income.  In  a  few  months  the  junior  Sears  himself 
died.  No  further  demand  was  made  by  the  Sears  heirs  and 
the  matter  was  dropped. 

More  than  a  third  of  a  century  passed  and  all  of  the  men 
who  were  involved  in  the  negotiations  of  the  1870's  had  been 
gathered  to  their  fathers.  In  1909  the  trustees  of  the  Sears 
real  estate  trusts  advised  the  College  that  they  intended  to 
make  a  demand,  and  the  College  retained  counsel.  The  Col- 
lege was  represented  by  Arthur  H.  Wellman  of  the  class  of 
1878.  Wellman  took  an  opinion  from  John  Chipman  Gray, 
then  and  for  many  years  one  of  the  most  learned  professors 
at  the  Harvard  Law  School  and  senior  member  of  the  firm  of 
Ropes,  Gray,  Boyden  and  Perkins  of  Boston.  Gray  was  re- 
puted to  know  more  about  the  rule  against  perpetuities  than 
any  other  lawyer  in  the  United  States  or  England,  and  his 
acquaintance  with  the  intricacies  of  the  ancient  law  of  prop- 
erty was  legendary  in  the  Law  School.  Gray  charged  the 
College  two  hundred  and  fifty  dollars  for  his  opinion,  a  copy 
of  which  I  have  secured  and  placed  in  the  official  archives. 
To  assist  him  in  the  formal  presentation  of  the  College's  case, 
Wellman  retained  C.  M.  Rogerson,  a  leader  of  the  Boston 
bar.  In  1911  suit  was  brought  against  the  College  by  the 
Sears  trustees  in  the  Supreme  Judicial  Court  of  Massachu- 
setts, and  the  matter  was  referred  by  the  court  to  Roland  W. 
Boyden  as  Master.  Boyden  was  a  partner  of  Gray  and  a  law- 
yer of  great  ability  and  integrity.  Years  later  Charles  B.  Rugg, 
now  a  trustee  of  the  College,  joined  Boyden's  firm  at  Boy- 
den's  invitation.  Unfortunately,  Boyden  as  Master  ruled 
against  the  College,  and  the  College  filed  exceptions  to  his 
report.  The  dispute  involved  accumulated  income  of  some- 
thing like  seventy  thousand  dollars,  as  well  as  the  determina- 
tion of  the  right  to  future  income.  In  1918  the  Supreme 
Court  handed  down  its  decision  in  favor  of  the  College.  The 

[45] 


opinion  was  written  by  Judge  Crosby  and  concurred  in  by 
his  colleagues.  Chief  Justice  Rugg,  '83,  who  had  recently  be- 
come a  trustee  of  the  College,  took  no  part  in  the  decision. 

The  case  involved  a  number  of  highly  technical  questions 
of  law  which  we  need  not  go  into.  In  efiFect,  the  Court  held 
that  the  rights  of  the  Sears  interests  were  barred  by  the  Stat- 
ute of  Limitations  and  by  laches,  so  far  as  the  Brattle  Street 
property  was  concerned,  and  that  no  question  would  arise  in 
regard  to  the  Leverett  Street  property  until  the  expiration  of 
the  ground  lease  in  1928.  Judge  Crosby's  opinion  makes  it 
clear  that  in  the  judgment  of  the  court  the  Sears  interests 
had  a  clear  right  to  one-half  the  income  on  demand  in  1872 
and  1873,  but  that  as  they  dropped  the  matter  for  a  third  of 
a  century,  their  rights  were  extinguished.  The  curious  reader 
will  find  the  case  reported  in  229  Massachusetts  Reports  at 
page  374,  Amory  vs.  The  Trustees  of  Amherst  College. 

Samuel  Williston  (1795-1874)  was  the  antithesis  of  David 
Sears.  Born  in  Easthampton,  the  son  and  grandson  of  Con- 
gregational ministers,  he  early  went  to  work  on  a  farm  to 
supplement  the  family  income,  as  his  father's  salary  never 
exceeded  three  hundred  dollars  a  year.  He  often  said  in  later 
life,  when  his  own  gifts  to  the  College  had  exceeded  $150,- 
000,  that  as  a  youth  he  felt  his  father  was  excessively  char- 
itable in  giving  a  few  dollars  to  aid  the  College  out  of  the 
meager  savings  from  his  small  salary.  Samuel  began  to  work 
on  a  farm  when  he  was  ten  and  continued  till  he  was  sixteen, 
when  his  wages  amounted  to  seven  dollars  a  month.  At  six- 
teen his  schooling  ceased  altogether,  but  at  nineteen  he 
walked  most  of  the  way  from  Easthampton  to  Andover,  car- 
rying all  he  had  in  a  single  bundle,  to  seek  admission  to  Phil- 
lips Academy  as  a  scholarship  boy.  He  won  a  scholarship, 
but  his  eyesight  failed  him  almost  at  once,  and  he  was  forced 
to  resign.  As  a  clerk  in  West  Springfield  and  later  in  New 
York,  he  was  unsuccessful  because  of  eyesight  and  poor 
health,  and  he  returned  to  Easthampton  to  become  a  farmer. 
In  1826  his  wife  commenced  the  business  of  making  cloth- 
covered  buttons  at  home,  and  gradually  extended  the  work 
to  her  neighbors.  As  the  demand  grew,  Williston  transferred 
[46] 


the  household  business  to  a  factory  basis,  and  with  the  help 
of  machinery  designed  by  his  brother-in-law,  Joel  Hayden, 
made  a  large  fortune.  The  total  amount  of  his  benefactions 
was  over  two  million  dollars.  Most  of  it  went  to  the  founda- 
tion and  support  of  Williston  Seminary  in  Easthampton.  In 
1841  he  was  elected  a  trustee  of  Amherst  by  the  Massachu- 
setts legislature,  and  he  served  continuously  as  a  member  of 
the  Board  for  thirty-three  years.  Tyler  says  of  him,  "  Amherst 
is  his  foster  child;  she  owes  him  her  preservation,  her  very 
life." 

Joel  Hayden,  the  brother-in-law,  is  famous  in  Amherst  his- 
tory as  the  donor  of  Sabrina.  Originally  placed  in  the  Hay- 
den garden  in  Haydenville,  Sabrina  caused  such  criticism 
because  of  her  lack  of  draperies  that  Hayden  solved  the 
problem  by  presenting  her  to  the  College. 

The  third  large  donor  at  this  time  was  Samuel  Austin 
Hitchcock  (1794-1873)  of  Brimfield,  Massachusetts.  His  par- 
ents' circumstances  were  such  that  he  had  only  a  district 
school  education,  although  he  would  have  given  a  good  deal 
for  a  single  term  in  Monson  Academy,  to  which  many  Brim- 
field  boys  went.  He  engaged  in  manufacturing  in  South- 
bridge,  Massachusetts,  and  then  became  a  merchant  in  Bos- 
ton. He  retired  early  to  Brimfield,  watched  his  investments, 
and  made  large  gifts  to  education,  primarily  permanent 
funds  for  scholarships.  His  gifts  to  Andover  Theological  Sem- 
inary had  a  nominal  value  of  some  $120,000  and  to  Amherst 
a  nominal  value  of  $175,000.  His  final  gift  to  Amherst,  made 
a  few  months  before  his  death  and  when  he  was  seventy- 
eight  years  old,  consisted  of  railroad  bonds  of  a  par  value  of 
$100,000,  to  found  the  Hitchcock  Fund  for  Scholarships  and 
Kindred  Purposes.  The  gift  was  made  at  the  time  of  the  semi- 
centennial celebration  at  the  College,  and  was  said  by  Tyler 
at  the  time  to  be  "  the  largest  sum  that  ever  came  at  once 
into  the  treasury  of  Amherst  College."  Such  a  gift  must  have 
been  received  with  great  enthusiasm  by  the  college  body, 
and  old  Mr.  Hitchcock  must  have  been  deeply  affected  by 
the  response  his  gift  evoked.  Before  the  Trustees  could  send 
appropriate  acknowledgment  through  the  president.  Hitch- 

[47] 


cock  had  died.  The  Amherst  Student,  in  reporting  his  death, 
added  that  he  left  an  estate  of  three  milHon  dollars.  It  is  too 
bad  that  we  cannot  leave  the  matter  there,  but  financial  facts 
are  stubborn.  We  shall  see  later  that  most  of  Mr.  Hitchcock's 
gifts  to  this  College  were  in  securities  of  doubtful  value,  on 
most  of  which  the  College  was  unable  to  realize. 

We  must  return  now  to  1847  when  the  first  gifts  from 
Sears,  Williston,  and  Hitchcock,  and  the  subvention  from  the 
Commonwealth  gave  the  College  four  endowed  professor- 
ships and  a  Literary  and  Benevolent  Fund,  and  when  the 
debts  of  the  College  were  finally  extinguished.  The  College 
now  had  an  endowment  fund  of  about  $100,000  in  the  hands 
of  the  treasurer,  as  well  as  the  Charity  Fund  in  the  hands 
of  the  Commissioner,  which  had  by  this  time  mounted  to 
$52,207.  Total  resources  of  $152,000  in  addition  to  its  plant, 
and  no  debts!  More  important,  the  budget  was  in  balance, 
and  Hitchcock  kept  it  in  balance.  The  treasurer  was  author- 
ized under  a  recent  vote  of  the  Prudential  Committee  to  loan 
on  good  security  the  money  in  his  hands.  This  was  the 
normal  form  of  investment  at  the  time  in  Amherst.  The 
Commissioner  of  the  Charity  Fund  was  making  similar  in- 
vestments. There  was  no  savings  bank;  in  fact  there  was  no 
bank  at  all  in  the  town.  The  college  treasurer  would  have 
no  difficulty  in  finding  borrowers  who  could  give  adequate 
security  by  mortgage.  Furthermore,  he  did  not  have  so  much 
to  invest  as  the  figures  given  above  indicate.  The  Sears  gift 
included  only  $5,000  in  cash;  Mr.  Williston  did  not  wish  to 
take  money  out  of  his  business  and  so  followed  the  custom  of 
the  time  by  giving  his  notes  and  paying  the  interest  until  he 
was  ready  to  liquidate  the  principal;  and  the  College  re- 
ceived at  this  time  twenty  shares  of  Hamilton  Woolen  Com- 
pany at  par  in  payment  of  a  gift  of  Mr.  Hitchcock. 

One  of  the  early  investments  made  by  Treasurer  Dickin- 
son is  of  special  interest  and  has,  I  believe,  been  misinter- 
preted. It  was  a  loan  of  $10,000  to  the  Northampton  Associa- 
tion of  Education  and  Industry,  made  in  1846  and  secured 
by  a  first  mortgage  on  305  acres  of  land  in  what  is  now  the 
city  of  Florence,  including  buildings,  mills,  water  power, 
[48] 


flumes,  and  "  geering,"  all  part  of  the  property  of  the  defunct 
Northampton  Silk  Manufacturing  Company.  In  the  previous 
decade  silk  culture  and  silk  manufacture  were  developing 
rapidly  in  this  country  aided  by  encouragement  from  federal 
and  subsidy  from  state  governments.  A  group  of  capital- 
ists embarked  on  an  ambitious  project  in  this  field  in  North- 
ampton. In  two  years,  with  the  encouragement  of  the  state 
bounty,  the  planting  of  mulberry  trees  increased  severalfold. 
In  1838  the  mulberry  bubble  burst,  and  the  company  was 
forced  to  suspend.  Then  in  1841  the  property  was  acquired 
by  the  recently  formed  Northampton  Association  of  Educa- 
tion and  Industry,  a  transcendentalist  community  embodying 
many  of  the  proposals  of  Fourier,  the  French  "  apostle  of  so- 
cial harmony."  The  community  resembled  in  many  ways  the 
ones  established  at  about  the  same  time  at  Brook  Farm  and 
at  Hopedale.  One  of  the  leaders  of  the  Northampton  group 
was  George  W.  Benson,  a  brother-in-law  of  William  Lloyd 
Garrison.  Annual  conferences  were  held  in  which  representa- 
tives of  Brook  Farm,  Hopedale,  and  Northampton  partici- 
pated and  exchanged  reports  on  progress. 

Differences  of  opinion  developed  among  the  members, 
some  withdrew,  the  remainder  found  it  impossible  to  secure 
adequate  capital,  and  by  the  summer  of  1846  the  Associa- 
tion was  in  debt  to  the  amount  of  $40,000  and  short  of  work- 
ing capital.  At  this  point  the  loan  of  $10,000  was  negotiated 
with  Amherst  College,  secured  by  a  first  mortgage  on  a  large 
part  of  the  productive  real  estate  of  the  Association.  The  sig- 
natures to  the  mortgage  were  witnessed  by  Edward  Dickin- 
son. That  the  security  was  adequate  is  indicated  by  the  fact 
that  the  loan  was  paid  with  interest  and  the  mortgage  dis- 
charged of  record  on  August  2,  1853. 

At  about  the  same  time  Benson,  who  had  been  president 
of  the  Association,  bought  from  the  Association  for  $24,500 
the  property  not  mortgaged  to  Amherst.  He  foraied  a  cor- 
poration in  which  he  was  joined  either  then  or  later  by  Sam- 
uel Williston  and  his  brother  and  by  Joel  Hayden,  and  the 
mills  were  used  for  cotton  manufacture.  The  Northampton 
Association  of  Education  and  Industry  was  dissolved,  and 

[49] 


the  community  which  had  developed  under  the  name  of 
Bensonville  changed  its  name  to  Florence  and  continued  to 
grow  as  the  century  advanced. 

For  the  story  of  this  transcendentalist  experiment  in 
Northampton  I  am  indebted  to  a  monograph  by  Alice  E.  Mc- 
Bee,  published  in  the  Smith  College  Studies  in  History.  The 
author  is,  however,  in  error  in  saying  that  Amherst  College 
threw  good  money  after  bad,  and  in  describing  the  security 
taken  by  the  College  as  a  third  or  fourth  mortgage.  The  Col- 
lege made  only  one  investment;  this  was  made  when  the  ex- 
periment was  about  to  be  wound  up;  it  was  secured  by  a  first 
mortgage;  and  it  was  paid  in  full.  And  the  implication  that 
the  investment  was  made  to  encourage  an  idealistic  experi- 
ment in  socialism  is,  I  believe,  entirely  without  foundation. 
Such  a  use  of  college  funds  would  have  been  highly  im- 
proper. That  Samuel  Williston  was  an  active  member  of  the 
Amherst  Board,  that  he  was  one  of  the  hardest-headed  busi- 
nessmen in  Western  Massachusetts,  that  his  own  mills  were 
only  a  few  miles  away,  seem  to  me  conclusive  evidence  that 
this  loan,  made  when  the  experiment  was  in  extremis,  was 
made  solely  on  the  basis  of  a  sound  investment  with  ade- 
quate collateral. 

By  1847,  when  President  Hitchcock  established  the  Col- 
lege on  a  firm  financial  foundation,  the  Board  had  changed. 
Only  one  of  the  original  members  of  the  Board,  Dr.  Vaill,  still 
remained.  One  by  one  the  others  had  retired  during  the  quar- 
ter century  of  the  College's  life,  and  their  places  had  been 
taken  by  new  men.  Of  these,  several  were  to  play  a  signifi- 
cant part  in  guiding  the  finances  and  business  affairs  of  the 
College.  They  were  men  of  larger  affairs,  men  in  touch  with 
the  expanding  business  of  the  country  and  participating  in 
this  expansion,  and  men  in  touch  with  the  investment  market 
in  Boston  where  they  were  investing  their  own  funds  and 
those  entrusted  to  them  in  the  stocks  of  manufactiuing  cor- 
porations and  railroads  and  banks.  But,  except  for  Governor 
Bullock,  they  were  not  Amherst  graduates.  Boston  was  be- 
coming an  important  financial  center;  it  was  financing  many 
of  the  railways,  most  of  the  textile  manufacturing  corpora- 
[50] 


tions;  its  bankers  were  dealing  in  government  securities;  and 
it  was  loaning  money  for  the  development  of  the  West.  For 
the  next  fifty  years  and  more,  the  finances  of  the  College 
were  to  be  guided  largely  by  Massachusetts  trustees  whose 
financial  connections  were  with  Boston  rather  than  with 
New  York.  The  first  of  these  new  trustees  was  Samuel  Willis- 
ton,  of  whom  we  have  already  spoken.  The  next  was  Henry 
Edwards,  who  was  elected  to  the  Board  in  1844  and  served 
continuously  until  1884, 

Henry  Edwards  (1798-1885)  was  born  in  Northampton 
and  educated  in  the  Northampton  schools.  He  was  of  the 
same  family  as  Jonathan  Edwards.  After  an  apprenticeship 
in  Boston  and  New  York  stores,  he  opened  an  importing  busi- 
ness in  Boston.  For  five  years  he  resided  in  Paris.  On  his  re- 
turn to  Boston  he  held  a  number  of  oflBces,  was  an  active 
merchant  on  Kilby  Street,  and  was  an  indefatigable  worker 
for  Amherst.  When  elected  to  the  Amherst  Board  he  was  a 
member  of  the  firm  of  Edwards  &  Stoddard,  and  was  reputed 
to  be  worth  $100,000.  He  had  recently  inherited  substantial 
property  by  the  death  of  his  father-in-law,  Samuel  Dorr.  He 
is  described  by  a  contemporary  in  1846  as  "  a  man  of  activ- 
ity, promptness,  and  business  talent,  and  a  pillar  of  the  Or- 
thodox church."  While  Williston,  who  lived  close  to  the  Col- 
lege, served  often  on  building  committees  of  the  Board, 
selected  contractors,  and  watched  over  the  progress  of  work 
under  construction,  Edwards  was  watching  the  College's  in- 
vestments. Edwards'  town  house  was  at  34  Commonwealth 
Avenue,  Boston,  and  his  summer  home  in  the  Berkshires;  on 
his  way  back  and  forth  he  would  stop  off  at  Amherst  to  con- 
fer on  investment  policy  with  the  college  treasurer. 

In  1852  Alexander  Hamilton  Bullock  was  elected  to  the 
Board,  and  in  1855,  Alpheus  Hardy.  They  both  were  to  play 
an  active  part  in  the  management  of  the  College's  finances. 
Bullock  (1816-1882)  was  the  fourth  alumnus  of  the  College 
to  be  elected  to  the  Board.  Born  in  Royalston  and  graduat- 
ing from  Amherst  in  1837,  he  spent  his  life  in  Worcester  in 
the  practice  of  the  law.  He  was  successively  state  representa- 
tive, state  senator,  judge,  mayor  of  Worcester,  and  governor 

[51] 


of  the  Commonwealth.  He  received  the  degree  of  Doctor  of 
Laws  both  from  Amherst  and  from  Harvard  and  was  a  trus- 
tee of  Amherst  for  thirty  years.  For  most  of  that  time  he  was 
an  active  member  of  the  Finance  Committee.  His  portrait 
hangs  in  Converse  Memorial  Library. 

Alpheus  Hardy  ( 1815-1887 )  was  elected  to  the  Board  in 
1855  and  served  for  twenty-two  years.  A  close  personal 
friend  of  President  Stearns,  he  was  elected  to  the  Board  at 
the  first  meeting  after  Stearns  took  office.  Born  in  Chatham, 
Massachusetts,  he  studied  for  a  short  time  at  Phillips  Acad- 
emy, Andover,  but  was  forced  to  resign  because  of  sickness. 
At  nineteen  he  went  into  business  for  himself  in  Boston,  and 
developed  a  large  and  prosperous  shipping  and  importing 
business.  In  addition,  he  was  entrusted  with  the  care  and  ad- 
ministration of  ten  large  estates,  including  the  Sears  estate, 
and  was  an  active  member  of  the  Boards  of  Andover  Semi- 
nary, Phillips  Academy,  and  the  American  Board  of  Commis- 
sioners for  Foreign  Missions.  Throughout  his  service  on  the 
Amherst  Board,  he  was  one  of  the  most  valued  members  of 
the  Finance  Committee.  His  Boston  home  was  at  35  Brim- 
mer Street  and  his  offices  at  181  State  Street. 

He  gave  the  fund  for  the  Hardy  Prize  in  Public  Speaking, 
and  made  other  gifts  to  the  College.  One  of  his  generous  im- 
pulses was  to  have  a  profound  effect  in  the  Orient.  One  of 
his  sailing  ships  trading  in  the  Far  East  brought  to  this  coun- 
try a  young  Japanese  of  good  family  who  had  left  his  coun- 
try when  it  was  a  capital  offense  for  a  Japanese  to  emigrate. 
After  talking  with  the  young  man,  he  sent  him  to  Phillips 
Academy  at  Andover,  and  then  to  Amherst  College.  Joseph 
Hardy  Neesima  graduated  from  the  College  in  1870  and 
from  Andover  Theological  Seminary  four  years  later.  He 
later  founded  and  was  the  head  of  Doshisha  University  in 
Kyoto,  Japan,  and  received  Amherst's  highest  honorary  de- 
gree in  1889.  Mr.  Hardy  resigned  from  the  Amherst  Board  in 
1871  and  again  in  1873,  but  was  persuaded  by  his  colleagues 
to  withdraw  his  resignation  on  both  occasions.  In  1877  he  re- 
signed again  and  finally.  He  died  as  the  result  of  an  acci- 
dent in  1887. 
[52  1 


Edward  Dickinson  had  been  treasurer  less  than  a  decade 
when  the  western  part  of  the  state  became  excited  by  the 
prospect  of  raihoad  transportation.  In  1842  a  charter  was 
granted  to  the  Northampton  &  Springfield  Railroad  Corpora- 
tion, for  the  purpose  of  building  a  road  "  commencing  at  a 
point  within  one  mile  of  the  Court  House  (Northampton), 
crossing  the  Connecticut  River  near  Mt.  Holyoke  "  and  pro- 
ceeding south  to  Springfield.  The  inhabitants  of  the  towns 
on  the  east  side  of  the  river  then  called  a  convention  at 
Sweetser's  Hall  in  Amherst,  as  a  result  of  which  efforts  were 
made  to  secure  a  charter  for  the  Hampshire  &  Franklin  Rail- 
road to  connect  with  the  Northampton  &  Springfield  at  Hock- 
anum  and  to  run  north  to  Millers  Falls.  The  charter  was  se- 
cured in  1845  and  Luke  Sweetser,  the  leading  merchant  in 
Amherst,  was  one  of  the  incorporators.  Sweetser,  we  have 
seen,  was  a  member  of  the  Prudential  Committee  of  the 
Board  from  1833  till  1864,  secretary  of  the  committee  during 
his  entire  term,  and  "  was  more  than  any  other  member,  the 
agent  and  executive  of  the  committee."  When  the  town  of 
Amherst  learned  that  the  plans  for  the  Northampton  & 
Springfield  Railroad  had  been  changed  and  that  the  road 
was  to  be  built  on  the  west  side  of  the  river  to  Holyoke,  great 
indignation  was  aroused,  and  the  men  behind  the  Hampshire 
&  Franklin  Railroad  went  to  the  legislature  and  secured  in 
1846  a  charter  for  the  Mt.  Holyoke  Railroad  Company  to  run 
from  Hockanum  south  to  Willimansett  and  there  join  the 
Northampton  &  Springfield  Railroad.  Sweetser  was  again  one 
of  the  active  participants  in  this  venture.  Another  meet- 
ing was  held  in  Sweetser's  Hall  in  Amherst,  and  called 
to  order  by  Edward  Dickinson.  Professor  Snell  of  Amherst 
addressed  the  meeting,  reporting  on  the  practical  route  for 
constructing  a  railroad  around  the  western  end  of  Mt.  Hol- 
yoke and  illustrating  his  talk  with  drawings.  Subscription 
books  were  opened  and  in  six  weeks  the  citizens  of  Amherst 
had  subscribed  for  $90,000  of  the  stock.  The  Northampton  & 
Springfield  Railroad  was  opened  for  travel  on  December  13, 
1845.  In  1846  the  Hampshire  &  Franklin  Railroad  and  the 
Mt.  Holyoke  Railroad,  neither  of  which  had  raised  enough 

[53] 


money  to  start  construction,  decided  to  unite.  John  Leland, 
former  treasurer  of  the  College,  and  Luke  Sweetser  were 
elected  directors  and  surveys  were  begun.  In  spite  of  heroic 
efforts  to  raise  the  necessary  funds,  the  leaders  of  the  proj- 
ect were  forced  to  surrender  their  charter. 

Amherst  began  again,  and  in  1848  some  of  its  citizens  se- 
cured a  charter  for  the  Amherst  Branch  Railroad  Company 
to  run  from  a  point  in  Amherst  within  half  a  mile  of  the  Col- 
lege to  the  tracks  of  the  railroad  in  Northampton.  Subscrip- 
tion books  were  opened  and  Amherst  citizens  subscribed  for 
$31,000  of  the  stock.  Edward  Dickinson  brought  the  matter 
to  the  attention  of  the  Board  of  Trustees  of  the  College  in 
his  treasurer's  report  in  1848.  The  Board  referred  the  matter 
to  a  committee  composed  of  Trustees  Tappan,  Calhoun,  and 
Armstrong.  The  committee  recommended  that  the  College 
subscribe  $15,000  "  on  condition  that  it  (the  Amherst  Branch 
Railroad )  be  adopted  by  the  Connecticut  River  Railroad  ( a 
combination  of  the  Northampton  &  Springfield  and  the 
Greenfield  &  Northampton)  and  made  a  part  of  same:  pro- 
vided the  Prudential  Committee  can  find  means  to  pay  the 
assessments  to  that  amount."  The  Board  at  its  annual  meet- 
ing on  August  8,  1848  accepted  the  report  and  adopted  its 
recommendation.  This  project  too  was  abandoned,  because 
the  necessary  funds  could  not  be  raised.  The  Hampshire  & 
Franklin  Express  announced  that  the  road  would  cost  $160,- 
000  and  that  not  more  than  $40,000  was  subscribed.  And  at 
the  next  annual  meeting  of  the  Board  of  the  College  ( August 
7,  1849 )  the  trustees  rescinded  their  vote  on  the  ground  that 
the  conditions  had  not  been  met. 

That  there  was  a  sharp  division  of  opinion  in  the  Amherst 
Board  is  indicated  by  the  next  minute  at  this  meeting.  The 
Board's  committee  reported  that  it  "  regards  the  investment 
of  the  funds  of  the  College  in  New  Railroad  projects  as  a  sub- 
ject of  great  delicacy  &  one  requiring  the  utmost  care."  "  Al- 
though Railroad  projects,"  the  committee  continued,  "  are 
well  worthy  the  attention  of  business  men,  yet  we  think  a 
very  strong  case  should  be  made  out,  to  render  proper  the 
investment  of  the  funds  of  our  literary  and  benevolent  insti- 
[54] 


tutions  in  new  projects  of  this  kind.  We  do  not  mean  to  be 
understood  as  expressing  any  opinion  upon  the  investment 
of  funds  in  old  and  well  established  Railroad  corporations." 
The  old  and  well  established  railroad  corporations  were  of 
course  still  in  their  infancy;  the  Boston  &  Worcester  had 
been  open  only  fourteen  years  and  the  Boston  &  Albany  was 
still  nearly  a  score  of  years  in  the  future. 

The  town  of  Amherst  still  had  no  railroad  when  in  1850  a 
railway  was  opened  from  New  London  to  Palmer.  In  1851 
Edward  Hitchcock,  Edward  Dickinson,  and  Luke  Sweetser 
were  among  the  incorporators  of  the  Amherst  &  Belchertown 
Railroad.  Hitchcock  was  president  of  the  College  and  Dick- 
inson was  treasurer.  The  charter  empowered  the  corporation 
to  build  from  Palmer  through  Amherst  to  Montague.  At  the 
annual  meeting  of  the  College  trustees  on  August  11,  1851 
the  Board  authorized  the  Prudential  Committee  to  invest 
$5,000  of  college  funds  in  the  stock  of  the  Amherst  &  Belcher- 
town Railroad.  In  spite  of  the  caution  urged  by  the  more 
conservative  members  of  the  Board,  the  combination  of  the 
president,  the  treasurer,  and  the  secretary  of  the  Prudential 
Committee  carried  the  day.  In  February  of  the  following 
year,  at  a  meeting  in  Sweetser's  Hall,  it  was  announced  that 
funds  had  been  raised  to  build  the  section  from  Palmer  to 
Amherst.  Ground  was  broken  at  once,  and  on  May  14,  1853 
the  first  passenger  train  was  run  over  the  line.  The  locomo- 
tive was  named  Amherst.  The  first  paying  passenger  on  the 
road  is  said  to  have  been  Edward  P.  Crowell,  then  a  col- 
lege senior  and  later  one  of  the  College's  best  loved  pro- 
fessors. 

Two  years  later,  at  the  annual  meeting  of  the  Board  on 
August  6,  1855,  the  committee  appointed  to  review  the  re- 
port of  the  treasurer,  made  up  of  Trustees  Calhoun  and  Al- 
den,  "  regret  to  find  so  large  a  portion  of  the  college  funds 
is  invested  in  Railroad  stocks,  and  recommend  that  they  be 
disposed  of,  as  soon  as  it  can  be  done,  without  too  great  a 
sacrifice,  and  invested  in  securities  of  a  more  reliable  and 
permanent  value."  But  there  was  doubtless  no  satisfactory 
market  for  the  Amherst  &  Belchertown  stock  without  heavy 

[55] 


sacrifice.  In  another  two  years  the  road  was  in  grave  finan- 
cial trouble,  and  in  January  1858  the  road  was  sold  and 
passed  into  possession  of  the  bondholders.  New  stock  was 
authorized. 

At  a  special  meeting  of  the  Amherst  Board  of  Trustees 
held  in  Boston  on  July  23,  1858,  the  Board  appointed  a  com- 
mittee made  up  of  Trustees  Hardy,  Williston,  and  Judge  Per- 
kins to  confer  with  the  directors  of  the  railroad  at  the  re- 
quest of  the  directors.  And  at  an  adjourned  meeting,  upon 
hearing  the  report  of  the  committee,  the  Amherst  trustees 
voted  to  authorize  the  treasurer  to  invest  $3,500  in  the  new 
stock  of  the  Amherst  &  Belchertown.  Three  years  later  the 
Amherst  Board  directed  the  treasurer  to  charge  off  as  a  loss 
the  fifty  shares  of  old  stock  belonging  to  the  Professorship  of 
Rhetoric  and  Oratory,  and  "  whenever  the  funds  of  the  Col- 
lege permit,"  the  treasurer  was  to  restore  the  fund  to  its  orig- 
inal amount.  In  1864  the  Amherst  &  Belchertown  was  ab- 
sorbed by  the  New  London  Northern  on  the  basis  of  two 
shares  of  New  London  Northern  for  three  shares  of  Amherst 
&  Belchertown.  And  at  the  annual  meeting  of  the  Amherst 
Board  on  July  10,  1865,  the  treasurer  was  authorized  to  pur- 
chase three  thousand  dollars  of  the  bonds  of  the  New  Lon- 
don Northern,  "  or  if  the  Prudential  Committee  thinks  best 
five  thousand  dollars." 

The  College  seems  to  have  bought  $5,000  of  new  stock  and 
$3,000  of  the  bonds.  The  bonds  carried  interest  at  6%  and 
were  paid  at  maturity  in  1885.  The  College  received  $3,200 
par  value  of  stock  in  the  New  London  Northern  which  it 
held  until  1912,  when  it  was  sold  for  $6,640.  The  College  had 
invested  some  $13,000  in  the  project,  for  which  it  ultimately 
recovered  $9,640.  It  had  been  fortunate.  For  as  we  look  back 
today,  with  the  advantage  of  hindsight,  we  realize  that  the 
conservative  wing  of  the  Board  was  wise  in  believing  that 
these  new  railway  projects  were  businessmen's  investments 
rather  than  proper  investment  channels  for  trust  funds. 

The  railway  today  is  in  active  operation  as  a  part  of  the 
Central  Vermont,  which  in  turn  is  controlled  by  the  Cana- 
dian National  Railroad.  Its  passenger  service  from  Amherst 
[56] 


is  limited,  but  every  night  its  heavy  freights  rumble  through 
the  town  hauling  its  cars  from  its  Canadian  connections  to 
tidewater  at  New  London.  And  the  coal  supply  of  the  Col- 
lege comes  north  over  the  line  to  the  college  sidetrack. 

In  1854  Hitchcock  was  succeeded  by  Stearns  in  the  presi- 
dency. The  minutes  of  the  Board  for  the  August  1854  meet- 
ing contain  the  following  interesting  paragraph.  The  Treas- 
urer's Report  and  the  Charity  Fund  Report  were  referred  to 
a  committee  consisting  of  Dr.  Alden  and  Mr.  Edwards.  The 
committee  on  the  following  morning  asked  that  the  two  re- 
ports be  approved,  and  then  added  that  "  in  view  of  the 
great  increase  of  labor  in  the  Treasurer's  department,  they 
recommend  that  his  salary  be  fixed  hereafter  at  Six  Hundred 
dollars,  and  that  his  salary  for  the  past  year  be  made  up  to 
the  same  sum. 

"  The  committee  further  recommend  the  annual  appoint- 
ment of  a  Financial  Committee  whose  duty  it  shall  be  to  ad- 
vise the  Treasurer  in  making  investments,  and  annually  to 
examine  all  securities  representing  the  funds  of  the  College 
in  the  care  of  the  Trustees,  and  make,  in  concurrence  with 
the  Treasurer  such  changes  in  the  investments  as  the  safety 
of  the  funds  and  the  interests  of  the  College  may  require  — 
and  report  their  doings  annually  to  the  Trustees." 

The  Board  approved,  and  elected  a  Financial  Committee 
consisting  of  Mr.  Child,  Mr.  Williston,  and  Mr.  Edwards. 

Mr.  Williston  and  Mr.  Edwards  we  already  know.  Linus 
Child  ( 1802-1870 )  was  a  member  of  the  Board  from  1844  to 
1856.  Born  in  Woodstock,  Connecticut,  a  graduate  of  Yale  in 
the  Class  of  1824,  he  was  a  practicing  lawyer  in  Southbridge, 
Massachusetts,  from  1827  to  1845.  He  then  moved  to  Lowell, 
where  he  was  in  charge  of  the  Boott  Manufacturing  Com- 
pany for  seventeen  years.  He  then  resumed  the  practice  of 
his  profession  in  Boston.  He  was  a  trustee  of  Phillips  Acad- 
emy at  Andover,  of  Andover  Theological  School,  of  the 
American  Board  of  Commissioners  for  Foreign  Missions.  He 
was  a  wise  counselor,  in  whom  President  Stearns  placed  great 
reliance. 

In  1855  the  College  acquired  its  first  substantial  invest- 

[57] 


ment  in  New  England  textile  stocks.  The  first  modern  cotton 
mill  in  this  country  had  been  built  in  Waltham  in  1814.  Dur- 
ing the  following  haK  century  cotton  mills  and  woolen  mills 
sprang  up  in  New  England  along  the  banks  of  our  principal 
rivers,  and  particularly  along  the  banks  of  the  Merrimac 
River.  In  Lowell  and  Lawrence  and  Nashua  and  Manchester 
new  mills  were  built,  and  cotton  manufacturing  had  become 
by  1860  the  leading  industry  in  the  country.  It  was  in  the 
New  England  textile  industry  that  the  corporate  form  of  or- 
ganization was  first  generally  employed.  On  the  death  of 
Samuel  Appleton  of  Boston,  his  trustees  offered  the  College 
$10,000  for  the  construction  of  Appleton  Cabinet,  and  paid 
this  gift  by  a  check  for  $200  and  the  transfer  to  the  College  of 
stocks  in  eight  New  England  textile  corporations  which  had 
been  "  apprised  "  a  few  months  before  at  $10,000.  The  list  in- 
cluded Amoskeag,  Appleton,  Merrimac,  Stark,  Hamilton, 
Suffolk,  Massachusetts,  and  Manchester  Print  Works.  In 
most  cases  the  College  received  only  a  single  share,  but  the 
shares  had  a  par  of  $1,000.  Amoskeag,  for  example,  was  taken 
at  $1,120  per  share  and  Merrimac  at  $1,300  per  share.  The 
Board  authorized  Trustees  Bullock  and  Child  to  receive  the 
stock  in  behalf  of  the  College.  And  the  Board  also  seems  to 
have  decided  to  hold  the  securities  and  sell  other  assets  to 
pay  the  construction  costs  of  the  new  building.  Even  in  1858, 
three  years  later,  the  Board  voted  to  defer  the  sale  of  manu- 
facturing stocks,  and  instructed  the  treasurer  to  consult  with 
Trustee  Hardy  as  to  the  proper  time  for  selling.  Other  gifts 
and  legacies  came  to  the  College  in  New  England  textile 
stocks;  the  legacy  of  Dr.  Walker,  ten  years  later,  included 
stock  in  twelve  such  companies.  And  for  more  than  fifty  years 
the  College  continued  to  have  a  substantial  investment  posi- 
tion in  this  field. 

Samuel  Appleton,  a  New  Hampshire  farm  boy,  had  first 
worked  as  a  laborer  in  Maine.  Later  he  moved  to  Boston,  en- 
tered the  dry  goods  business,  became  an  importer,  and  later 
a  manufacturer.  He  accumulated  a  fortune  estimated  at  a 
million  dollars,  and,  having  no  children,  he  was  said  to  give 
away  more  money  each  year  than  any  other  man  in  Boston. 
[58] 


After  ten  years  of  unbroken  prosperity,  during  which  rail- 
road construction  had  continued  at  a  high  rate,  particularly 
in  the  West,  our  economy  suffered  a  sharp  contraction,  which 
is  known  as  the  Crisis  of  1857.  The  initial  incident  was  the 
failure  of  the  Ohio  Life  &  Trust  Company,  with  liabilities  of 
about  seven  million  dollars.  Its  credit  had  been  very  high 
and  it  had  borrowed  heavily  in  the  New  York  market.  The 
loss  of  the  steamship  Central  America  with  over  a  million  of 
gold  enhanced  the  stringency.  There  were  many  failures, 
and  in  September  the  banks  of  Philadelphia,  Baltimore,  and 
Washington  suspended.  Stocks  fell  over  forty  per  cent  and 
within  a  fortnight  twenty  thousand  people  were  thrown  out 
of  work  in  New  York  City  alone.  By  October,  the  New  York 
banks  (with  one  exception)  suspended,  followed  in  a  few 
days  by  the  Boston  banks.  The  crisis  was  brief,  liquidation 
was  rapid,  and  by  spring  1858  money  was  easy  and  business 
was  resuming. 

The  first  half  of  the  century  had  seen  the  westward  expan- 
sion of  the  country,  the  development  of  railroad  and  steam- 
boat transportation,  the  growth  of  textile  manufacturing  in 
New  England,  the  increasing  use  of  the  corporate  form  of 
organization  for  the  expanding  business  of  the  country,  and 
the  rise  of  the  Stock  Exchanges.  The  first  association  which 
preceded  the  Stock  Exchange  had  been  fonned  in  1792.  Dur- 
ing the  half  century  the  markets  in  New  York  and  Boston  and 
Philadelphia  had  developed.  In  the  1850's  the  securities 
traded  in  on  the  New  York  market  were  first  railroads,  then 
governments,  then  banks,  insurance  companies,  gas  and  coal 
companies.  In  Boston,  the  New  England  textile  stocks 
formed  the  most  important  security  traded  in,  to  be  followed 
later  by  copper  mining  companies.  The  first  half  of  the  cen- 
tury also  witnessed  an  amazing  growth  in  education  at  the 
college  level.  In  1800  it  is  estimated  there  were  some  twenty- 
four  colleges  in  the  country,  with  a  total  student  enrollment 
of  between  one  and  two  thousand.  By  1860  the  number  of 
colleges  had  risen  to  two  hundred  and  fifty. 

In  the  last  days  of  1861  the  banks  suspended  again.  This 
suspension  was  not  necessary,  but  was  taken  mistakenly  as  a 

[59] 


preparation  for  war.  The  panic  of  1861  was  sharp  and  short, 
and  by  the  autumn  of  1862  it  was  over. 

The  war  resulted  in  changes  in  the  investment  pohcy  of 
the  College.  The  College  bought  substantial  blocks  of  United 
States  government  bonds  paying  six  per  cent  interest,  and  in 
January  1863  the  Board  authorized  Alpheus  Hardy  to  col- 
lect the  interest  regularly  on  its  governments.  At  the  same 
time  the  Finance  Committee  recommended  that  the  treas- 
urer make  no  more  individual  loans;  that  he  collect  those  out- 
standing; and  that  he  invest  thereafter  in  "  such  stocks  as  the 
treasurer  thinks  best."  The  vote  of  the  Board,  however,  spe- 
cifically excepted  small  loans  secured  by  endorsement  made 
to  those  connected  with  the  College. 

In  1866  the  Board  revised  this  action  which  had  left  with 
the  treasurer  the  discretion  as  to  the  stocks  he  should  buy.  It 
now  provided  that  no  investments  should  be  bought  or  sold 
without  the  approval  of  the  Finance  Committee.  In  addition, 
it  voted  to  instruct  the  treasurer  to  register  all  government 
bonds.  It  defined  the  treasurer's  duties  to  include  "  all  ex- 
terior secular  duties  and  business  of  the  College."  And  in 
1872  the  Board  directed  that  all  funds  except  registered 
bonds  be  deposited  in  safe  deposit  vaults  in  Boston,  and  that 
no  person  should  have  access  to  the  college  vault  except  the 
treasurer  and  Henry  Edwards  of  the  Board. 

We  have  seen  that  in  1847,  at  the  end  of  its  first  quarter 
century,  the  College  was  free  from  debt  and  had  total  re- 
sources of  approximately  $150,000  in  addition  to  its  plant. 
Between  1847  and  1872,  when  the  College  celebrated  its 
semicentennial,  it  received  some  thirty-three  permanent 
funds,  having  a  total  value  of  some  four  hundred  thousand 
dollars,  in  addition  to  gifts  for  buildings  and  for  current  ex- 
penses. These  funds  are  listed  in  the  order  of  their  establish- 
ment in  the  Report  of  the  Finance  Committee  of  1923.  They 
include  the  Moore  Beneficiary  Fund  of  $9,000,  the  Walker 
Instructorship  of  $10,000,  the  Walker  Professorship  of  $26,- 
476,  the  Samuel  Green  Professorship  of  $30,000,  the  Stimson 
Fund  of  $19,900,  the  Williston  Contingent  Fund  of  $76,024. 
Each  of  these  funds  deserves  comment. 
[60] 


Dwight  Morrow  used  to  say  that  the  Moore  Beneficiary 
Fund  was,  in  his  judgment,  the  most  sacred  fund  possessed 
by  the  College.  It  was  established  in  1858  by  bequest  of 
President  Zephaniah  Swift  Moore,  the  first  president  of  the 
College.  President  Moore  served  the  College  from  1821  until 
his  death  in  1823  at  a  salary  of  $1,200  a  year.  He  left  his 
widow  $4,000,  with  the  right  to  use  both  income  and  prin- 
cipal as  she  needed.  Mrs.  Moore  used  none  of  the  principal 
and  only  a  part  of  the  income,  so  that  at  her  death,  some 
thirty-five  years  later,  the  fund  amounted  to  $9,000.  Of  the 
income,  one-third  is  to  be  added  to  the  principal  annually. 
The  remainder  is  to  be  used  in  aiding  ministerial  students, 
who  may  be  selected  and  shall  be  approved  by  the  Brook- 
field  Association  of  Ministers,  to  which  Association  a  report 
of  the  fund  shall  be  sent  each  year.  The  original  amount  of 
$9,000  had  increased  by  annual  increment  to  $33,077  on 
June  30,  1948. 

The  Walker  Instructorship  in  Mathematics  and  the  Walker 
Professorship  of  Mathematics  and  Astronomy  were  estab- 
lished in  1861  and  1862  by  Dr.  William  J.  Walker  of  Boston 
by  gifts  of  $10,000  for  the  foi-mer  and  $26,476  for  the  latter. 
And  the  Walker  Legacy  of  $151,020  came  to  the  College  in 
1866  by  bequest  of  Dr.  Walker  for  the  promotion,  study,  and 
advancement  of  mathematical  sciences  and  for  the  critical 
study  of  the  Latin  language.  The  Walker  Prize  Fund  of 
$6,000  was  a  gift  of  Dr.  Walker  in  1863  to  provide  prizes 
in  the  Department  of  Mathematics.  These  gifts  of  nearly 
$200,000  were  in  addition  to  Dr.  Walker's  gifts  for  Walker 
Hall. 

Dr.  William  J.  Walker  of  Charlestown  was  one  of  the  col- 
orful donors  to  the  College,  as  well  as  one  of  the  most  gener- 
ous and  one  of  the  most  difficult.  After  his  graduation  from 
Harvard  in  1810,  he  studied  medicine  both  in  this  country 
and  in  France,  and  then  returned  to  Boston  to  practice  his 
profession  for  some  thii-ty  years.  By  the  judicious  investment 
of  his  savings  he  made  a  substantial  fortune.  He  was  impa- 
tient, imperious,  and  large-hearted.  It  took  a  gentle,  patient, 
and  understanding  president  to  negotiate  with  the  doctor, 

[61] 


and  President  Stearns  had  all  of  these  qualities.  Walker  had 
intended  to  devote  his  fortune  to  his  alma  mater,  Harvard, 
but  Harvard  objected  to  some  of  the  numerous  restrictions 
he  insisted  on  imposing,  and  Walker  turned  elsewhere.  In 
1861  President  Stearns  received  a  letter  from  him  proposing 
a  gift  to  endow  a  professorship  of  mathematics  and  astron- 
omy. Either  just  before  this  letter,  or  just  after  it.  President 
Stearns  made  his  first  call  on  Dr.  Walker.  The  doctor  re- 
ceived him  in  his  well-furnished  study  in  his  Boston  home; 
but  the  doctor  was  completely  without  clothes  except  for  a 
pair  of  slippers.  The  doctor  was  practicing  nudism  at  home 
for  his  health.  President  Stearns  was  so  taken  aback  that  he 
almost  forgot  what  he  had  come  to  talk  with  the  doctor 
about.  Fortunately,  he  recovered  himself  and  went  on  with 
the  conversation  without  comment  on  the  unconventionality 
of  his  rich  host.  Later  in  their  acquaintance  Stearns  tried  to 
raise  the  question  of  the  doctor's  religious  views,  which  were 
reported  to  be  unorthodox,  only  to  be  cut  off  with  the  state- 
ment by  the  doctor,  "  I  am  an  Ishmaelite." 

In  1865  Dr.  Walker  died,  leaving  a  will  naming  Amherst 
one  of  four  residuary  legatees  with  the  Natural  History  So- 
ciety, Tufts  College,  and  Massachusetts  Institute  of  Tech- 
nology. The  will  was  contested  by  the  heirs,  and  the  Amherst 
Board  appointed  a  committee  made  up  of  President  Stearns, 
Alpheus  Hardy,  and  Henry  Edwards  to  make  settlement.  As 
finally  adjusted,  the  heirs  received  some  $300,000  from  the 
estate,  leaving  something  over  $600,000  to  be  divided  among 
the  four  institutions.  For  many  years  Professor  William  Cole 
Esty,  the  first  Walker  Professor  of  Mathematics  and  Astron- 
omy of  the  Amherst  faculty,  used  to  tell  the  story  of  the  good 
president's  first  call  on  the  generous  doctor. 

The  Samuel  Green  Professorship  of  Biblical  History  and 
Interpretation  and  of  the  Pastoral  Care  was  established  in 
1867  by  a  donor  who  desired  to  remain  anonymous  during 
his  lifetime.  He  was  John  Tappan.  Born  in  Northampton,  he 
went  to  Boston  and  made  his  fortune  in  the  wholesale  im- 
porting business.  He  became  a  partner  at  twenty-two,  and 
twenty-two  years  later  retired  from  business.  On  a  return 
[62] 


voyage  from  England  in  1805,  the  vessel  on  which  he  was 
traveling  struck  an  iceberg  and  sank,  with  the  loss  of  twenty- 
seven  persons.  Tappan,  after  three  days'  exposure  in  an  open 
lifeboat  with  the  remainder  of  the  passengers  and  crew,  was 
picked  up  by  a  westbound  ship  and  saved.  This  experience 
made  a  radical  change  in  his  religious  life.  He  left  the  Uni- 
tarian Church  of  Dr.  Channing,  and  became  one  of  the 
founders  of  the  Union  Church  in  Essex  Street,  of  which  the 
Reverend  Samuel  Green  became  pastor.  Tappan  became  in- 
terested in  Amherst  because  of  his  interest  in  temperance.  In 
1829  Tappan  offered  a  prize  for  the  best  essay  on  "  Narcotic 
and  Alcohol  Substances,"  and  the  prize  was  won  by  Profes- 
sor Hitchcock  of  Amherst,  later  President  Hitchcock.  Tappan 
was  a  trustee  of  the  College  from  1834  to  1854.  A  contempo- 
rary chronicler  describing  the  four  Tappan  brothers  remarks, 
"  These  Tappans  are  a  remarkable  family.  They  came  from 
Connecticut  River.  Benjamin  Tappan,  late  United  States  Sen- 
ator from  Ohio,  seems  to  differ  from  the  rest  of  the  family,  in 
being  a  radical  and  not  much  of  a  believer  in  religion;  while 
all  the  other  brothers  are  very  conservative  and  very  pious. 
John  Tappan  is  the  only  one  who  has  succeeded  in  keeping 
his  property." 

Tappan's  gift  to  establish  the  chair  was  $30,000.  The  use  of 
the  fund  was  very  minutely  specified  in  the  deed  of  gift  and 
many  conditions  were  imposed.  In  1877  Tappan's  heirs  de- 
manded a  return  of  the  gift  on  the  ground  that  the  College 
had  violated  the  terms  by  leaving  the  chair  vacant  for  twelve 
months.  Suit  was  brought  against  the  College,  and  the  mat- 
ter was  referred  to  Henry  Hyde,  the  Boston  trustee.  In  1879 
the  treasurer  reported  to  the  Board  that  the  suit  had  been 
withdrawn  on  an  agreement  made  by  Hyde  in  behalf  of  the 
College  that  the  College  would  pay  the  bill  of  the  plaintiff's 
counsel.  The  chair  had  meanwhile  been  filled  by  the  appoint- 
ment of  Dr.  Thomas  P.  Field  of  the  class  of  1834,  father  of 
Judge  Harry  Field,  '80.  In  1905  the  Supreme  Judicial  Court 
of  Massachusetts  issued  a  decree  on  petition  filed  by  the  Col- 
lege that  "  the  Trustees  of  Amherst  College  shall  for  the  pres- 
ent use  the  income  of  said  fund  for  the  purpose  of  paying  for 

[63] 


preaching  before  the  students  of  said  college,  the  preachers 
to  be  chosen  from  clergymen  who  are  not  professors  of  said 
college."  From  1905  to  1946  the  income  was  used  to  pay  the 
stipends  of  the  visiting  clergymen  who  preached  on  Sunday 
in  the  college  church. 

The  Stimson  Fund  came  as  a  bequest  from  Caleb  Stimson 
of  Boston.  Little  is  known  of  him  and  we  do  not  know  how 
his  interest  in  Amherst  was  aroused.  He  died  during  the 
Humphrey  administration,  but  the  fund  did  not  come  into 
possession  of  the  College  until  1852,  after  the  death  of  a 
brother  and  nephew  who  had  life  interests.  It  amounted  to 
$16,000,  and  the  income  is  restricted  to  aid  in  the  education 
of  indigent,  pious  young  men  for  the  ministry. 

The  Williston  Contingent  Fund  was  established  in  1871  by 
a  gift  of  Mr.  Williston  of  $50,000,  and  the  use  of  the  income 
was  unrestricted.  This  fund  we  must  discuss  somewhat  later. 

By  1872  the  College's  endowment  had  risen  to  nearly  six 
hundred  thousand  dollars,  an  increase  of  nearly  fourfold  in 
the  quarter  century.  And  its  total  assets,  including  campus, 
buildings,  books,  and  collections,  were  estimated  by  Treas- 
urer Dickinson  to  be  over  a  million  dollars.  The  treasurer 
made  a  statement  in  summary  form  for  Professor  Tyler,  who 
wrote  the  semicentennial  history  of  Amherst,  as  follows: 

Funds  whose  income  is  available  for  the  payment 

of  salaries  and  other  current  expenses  $250,000 

Scholarships  50,000 
Hitchcock  donation  for  scholarships  and  kindred 

purposes  100,000 

Library  43,000 

Bonds  of  State  of  Virginia,  unavailable  at  present  40,000 

Miscellaneous  specific  appropriations  40,000 

Charity  Fund  72,000 

595,000 


Estimated  income  of  funds  for  general  purposes  22,000 

Estimated  income  of  Students'  College  bills  28,000 

50,000 
Estimated  expenses,  salaries,  etc.  54,000 

Estimated  deficiency  for  current  year  4,000 

[64] 


The  following  year  Edward  Dickinson  retired  as  treasurer 
of  the  College  at  the  age  of  seventy.  He  had  witnessed,  and 
been  an  active  participant  in,  the  early  struggles  of  the  Col- 
lege as  it  sank  lower  and  lower  into  debt;  and  he  had  han- 
dled the  finances  of  the  College  for  a  quarter  century  after  it 
freed  itself  from  debt.  He  now  had  the  added  satisfaction  of 
seeing  his  son,  Austin  Dickinson,  succeed  him  in  the  office  of 
treasurer.  It  had  been  a  long,  uphill  struggle  from  the  days 
when  his  father  and  Colonel  Graves  conceived  the  idea  of  a 
college  at  Amherst.  Now  the  third  generation  of  the  Dickin- 
son family  entered  the  service  of  Amherst  College.  A  year 
after  his  retirement,  Edward  Dickinson  died  in  Boston. 

Edward  Dickinson  had  been  a  good  treasurer,  but  he  was 
not  a  good  accountant.  I  have  come  across  a  memorandum 
in  our  files  written  by  an  old  man  in  North  Amherst  in  1931 
which  throws  some  light  on  the  bookkeeping  of  the  College 
in  Edward  Dickinson's  day.  "  When  Edward  Dickinson,  Esq., 
died,  he  was  succeeded  by  Mr.  Wm.  Austin  Dickinson.  The 
latter  when  he  assumed  the  treasurership,  found  the  College 
Books  in  a  badly  mixed  up  condition.  The  books  were  in  a 
diary  like  style  and  bonds  and  so  on  were  stufiFed  here  and 
there  in  envelopes.  Mr.  W.  A.  D.  got  my  brother  Wm.  to  undo 
the  tangle  and  start  things,  in  a  ship  shape  double  entry  way 
—  and  Wm.  did  so  —  took  all  his  odd  and  spare  time  for  most 
or  all  of  a  year.  When  brother  got  through,  Mr.  Hobbs  from 
the  Savings  Bank  became  the  Bookkeeper.  When  Wm.  fin- 
ished the  job  a  Boston  Public  Accountant  —  expert  —  was  en- 
gaged to  review  the  work  and  report  to  the  Trustees.  After 
this  60  year  Mr.  Piper  ( accountant )  had  worked  an  hour  on 
the  accounts  he  remarked  to  Mr.  Dickinson,  '  The  man  who 
started  this  set  of  books  for  you  knew  his  business,"  —  and  an 
hour  later,  remarked:  'The  man  who  started  these  books 
was  an  old  Betty  —  more  particular  than  necessary.'  "  Public 
accountant  Piper's  comments  shed  a  light  on  his  own  stand- 
ards of  bookkeeping,  for  they  are  not  satisfactory  according 
to  present  practice. 


[65 


Chapter  Five 

AUSTIN    DICKINSON,    Treasurer 
1873-1895 


William  Austin  Dickinson  was  born  in  Amherst  in  1829, 
prepared  for  college  at  Amherst  Academy  and  Williston 
Seminary,  graduated  from  the  College  in  the  class  of  1850 
and  from  the  Harvard  Law  School  in  1854;  and  he  practiced 
law  in  Amherst  from  1854  till  his  death  in  1895.  He  served  as 
treasurer  of  the  College  for  twenty-two  years,  from  1873  un- 
til his  death.  As  treasurer,  he  handled  the  college  finances, 
directed  the  work  on  the  buildings  and  grounds  of  the  Col- 
lege, superintended  all  new  construction,  planted  the  col- 
lege grove,  set  out  the  trees  on  the  town  common.  Fuess  de- 
scribes him  as  "  high-strung,  lavish,  born  to  lead,"  and  adds 
that  he  "had  about  him  a  picturesque  quality,  as  he  ap- 
peared in  his  light-colored  driving  coat,  his  yellow,  wide- 
brimmed  planter's  hat,  and  his  orange-wood  cane."  His  wife, 
"  Sister  Sue,"  made  their  home  on  Main  Street  one  of  the 
social  centers  of  the  town,  where  distinguished  visitors  were 
entertained,  receptions  given,  and  where  there  was  always 
good  conversation.  Next  door  lived  Austin's  sister  Emily, 
who  had  withdrawn  from  the  world  and  who  lived  her  own 
life  behind  the  high  hemlock  hedge.  Amherst  had  changed 
since  the  days  of  President  Humphrey. 

Austin  Dickinson's  friendship  with  Mrs.  Mabel  Loomis 
Todd,  wife  of  Professor  Todd,  who  brought  out  the  first  vol- 
umes of  Emily  Dickinson's  poems,  his  gift  to  her  of  a  house 
lot  in  Amherst,  the  lawsuit  which  resulted,  and  the  feud 
which  divided  the  town  for  a  generation  are  no  part  of  this 
story.  Austin's  mother  was  a  Norcross,  and  so  connected  by 
marriage  with  my  forebears.  My  grandmother  was  a  frequent 
[66] 


house  guest  of  his  sister  Lavinia  and  knew  all  the  Dickin- 
sons; and  so,  as  a  youngster,  I  heard  many  Dickinson  stories, 
which,  fortunately,  I  promptly  forgot.  We  are  concerned 
here  with  Austin  Dickinson,  treasurer  of  the  College. 

Austin  Dickinson  succeeded  his  father  as  treasurer  at  a 
diflBcult  time.  In  the  eight  years  since  the  close  of  the  war 
there  had  been  a  big  influx  of  foreign  capital,  and  railroad 
mileage  in  the  United  States  had  doubled.  But  the  reckoning 
fell  due  in  1873.  The  panic  began  in  September  and  culmi- 
nated in  the  failure  of  the  Philadelphia  banking  house  of 
Jay  Cooke  &  Co.,  which  had  become  involved  in  the  financing 
of  the  Northern  Pacific  Railroad.  The  New  York  Stock  Ex- 
change closed  for  ten  days.  The  New  York  banks  suspended 
cash  payments.  Prices  fell,  unemployment  rose,  failures  were 
numerous.  The  money  panic  was  soon  over,  but  the  depres- 
sion which  followed  lasted  four  years.  Manufacturing  cor- 
porations in  which  the  College  had  invested  funds  reduced 
their  dividends,  bonds  defaulted  their  interest,  and,  on  the 
other  side  of  the  account,  students  who  had  been  paying 
their  way  were  in  need  of  scholarship  help  if  they  were 
to  remain  in  college.  In  December  1873  the  Amherst  Board 
announced  the  election  of  Austin  Dickinson  as  college 
treasurer. 

By  1875  the  situation  of  the  College  was  so  serious  that 
the  Board  asked  its  Finance  Committee  —  Messrs.  Bullock, 
Hardy,  and  Edwards  —  to  make  a  study  of  the  finances  of  the 
College  and  to  present  a  report  with  recommendations.  The 
Board  had  defined  the  duties  of  its  Finance  Committee  in  a 
resolution  two  years  earlier.  It  was  "  to  advise  and  direct  the 
treasurer  in  the  administration  of  his  office,  making  them- 
selves  acquainted  with  the  financial  condition  and  interests 
of  the  Treasury  so  thoroughly  that  the  chances  of  loss,  if  not 
rendered  impossible,  shall  be  reduced  to  a  minimum." 

The  committee  spent  two  days  in  Amherst,  consulting 
with  the  president,  the  treasurer,  and  a  number  of  the  pro- 
fessors. It  presented  a  formal  report  to  the  Board  under  date 
of  October  27,  1875,  prepared  and  signed  by  Alexander  Bul- 
lock in  behalf  of  the  committee,  and  Governor  Bullock  had 

[67] 


the  report  printed  in  Worcester.  The  report  deals  first  with 
the  office  of  the  new  treasurer.  "  It  is  only  just  that  they 
should  say,"  reports  the  committee,  "  that  the  Treasurer  has 
begun  his  official  duties  in  a  manner  which  commands  their 
strong  and  cordial  approval.  He  has  opened  a  new  set  of 
books  in  which  the  accounts  of  the  College  are  kept  intelli- 
gible and  perspicuous,  and  all  his  methods  of  conducting  the 
business  of  his  office  appear  to  be  well  conceived  and  well 
administered." 

"  In  the  opinion  of  the  Committee,"  the  report  continues, 
"  it  should  henceforth  be  held  by  the  Trustees  to  be  one  of 
the  duties  of  the  Treasurer,  not  merely  to  act  the  part  of  a 
recording  accountant,  but  to  act  as  well  the  part  of  an  ad- 
visory officer  over  our  finance.  He  must  be  permitted  and  he 
must  be  expected,  not  merely  to  audit  and  pay,  but  originate 
and  suggest.  .  .  .  The  position  of  the  Treasurer  is  obviously 
delicate.  He  resides  by  the  side  of  a  large  corps  of  Professors, 
whose  several  demands  upon  the  treasury  cannot  always  be 
in  accord,  whilst  they  are  pressed  upon  him  by  them,  each 
as  paramount.  Under  the  encouragement  and  support  of  the 
Trustees  it  should  be  his  duty  to  listen  to  all  of  them  with  an 
impartial  mind,  and  then  he  should  submit  his  recommenda- 
tions to  this  Board  without  fear,  without  favor  and  without 
reserve.  But  it  must  never  be  forgotten  that  he  is  not  an  of- 
ficer of  the  Faculty  nor  responsible  to  them,  but  the  officer  of 
the  corporation  and  responsible  to  the  Trustees." 

This  of  course  is  sound  doctrine,  and  it  apparently  needed 
to  be  made  explicit.  The  budget  was  out  of  hand;  President 
Stearns,  gentle  and  conciliatory,  was  seventy  years  old  and 
had  only  a  few  months  to  live;  someone  had  to  trim  the 
expenses  of  the  College  with  a  vigorous  and  impartial  hand, 
and  with  the  complete  support  of  the  trustees.  Someone  had 
to  say,  in  eflPect,  to  the  faculty  that  the  College  would  spend 
for  current  expenses  no  more  than  it  took  in  as  income.  This 
difficult  and  unpleasant  job  was  assigned  to  the  treasurer, 
doubtless  out  of  consideration  for  the  aging  president  who 
would  normally  have  exercised  the  powers  of  his  office  to 
bring  the  budget  into  balance. 
[68] 


The  report  continues  with  a  dehghtful  paragraph  on  the 
faculty.  "  In  his  conferences  with  some  of  the  members  of  the 
Faculty  the  chairman  of  this  Committee  has  been  freslily  re- 
minded, that  each  one  of  them  is  found  ready  to  solicit  ap- 
propriations for  his  own  department,  whilst  he  may  not  be  so 
ready  to  concede  the  claims  of  other  Professors  and  depart- 
ments. This  is  not  to  be  regretted;  for  in  the  fields  of  learn- 
ing he  is  perhaps  the  ideal  Professor  whose  sense  of  justice 
towards  other  departments  is  subordinated  to  his  enthusiasm 
for  his  own.  ...  If  Plato  and  Bacon  were  professors  to- 
gether in  the  richest  university  of  Christendom,  each  of  them 
would  seek  to  absorb  its  entire  revenues.  .  .  .  Let  then  each 
Professor  be  encouraged  to  come  for  all  he  can  get  for  his 
own  field  of  study;  .  .  .  and  when  the  Board  shall  have 
made  their  appropriations,  in  the  exercise  of  their  best  intel- 
ligence, and  according  to  the  extent  of  resources  at  their 
command,  —  then  it  cannot  be  doubted  that  the  heads  of  de- 
partments at  Amherst  will  make  it  their  duty  and  pleasure, 
without  discontent  and  with  the  decorum  of  liberal  scholars, 
to  accept  the  results  as  justice."  This  too  is  sound  doctrine. 
And  I  am  happy  to  say  that  during  my  years  in  the  presi- 
dent's office  I  received  the  utmost  co-operation  of  the  faculty 
of  the  College  when  I  made  up  the  budget  each  year.  What 
the  faculty  wanted  was  an  impartial  arbitrator  who  knew  the 
work  of  the  College  in  detail  but  whose  only  allegiance  was 
to  the  College  as  a  whole.  I  never  referred  such  matters  to 
the  Board  or  to  a  committee  of  the  Board  as  many  of  my 
predecessors  had  done.  They  doubtless  did  it  to  place  the  re- 
sponsibility on  the  ultimate  authority  which  is  exercised  by 
the  Board.  I  relieved  the  Board  of  what  is  in  any  event  an 
onerous  task,  and  I  think  the  faculty  were  better  satisfied  and 
better  served  because  I  knew  the  College  in  detail  better 
than  the  Board  could,  and  I  had  no  ties  or  allegiances  to  any 
particular  department. 

The  Finance  Committee  presented  a  summary  statement 
of  the  investments  of  the  College  as  of  August  1, 1875,  which 
I  must  give  in  fuU. 

[69] 


College 

Funds 

Scholarships 

Investments 

Proper 

and  Prizes 

Totals 

Real  Estate  (exclusive  of  that 

used  for  college  purposes ) 

Productive 

$  34,700 

$         X 

$  34,700 

Unproductive 

X 

X 

X 

U.S.  Bonds 

106,500 

6,500 

113,000 

R.R.  Bonds 

61,895 

118,000 

179,895 

City  Bonds 

14,000 

12,000 

26,000 

State  Bonds 

6,000 

29,000 

35,000 

R.R.  Stock 

45,500 

2,900 

48,400 

Bank  Stock 

36,700 

2,400 

39,100 

Mfg.  and  other  Stocks 

39,030 

X 

39,030 

Notes  Receivable 

60,696 

9,024 

69,720 

Wm.  Reed's  legacy  ( not  yet 

available)     5,000 

$405,021 

$179,824 

$584,845 

Amount  of  Charity  Fund 


$74,374 


"  The  financial  condition  of  Amherst  College  at  this  mo- 
ment," says  the  Committee,  "  is  not  the  most  cheering, 
though  it  is  by  no  means  desperate."  At  the  beginning  of  the 
current  financial  year  the  College  was  in  debt  over  tvs^enty- 
eight  thousand  dollars.  It  had  borrowed  the  money,  not  from 
the  banks,  but  from  its  own  funds,  as  follows : 


From  the  Sears  Fund 

$  5,300 

From  the  Stimson  Fund 

7,000 

From  the  Charity  Fund 

5,000 

From  the  Walker  Legacy  Fund 

2,300 

From  the  College  Church 

3,867 

From  Alfred  Norcross 

3,000 

And  for  the  excess  of  expense  over  income 

last  year 

2,238 

$28,705 

"  No  mention  is  made  of  the  Bank  notes  given  from  time  to 
time  by  the  Treasurer  to  enable  him  to  pay  salaries  with 
promptness,  for  these  notes  are  provided  for  out  of  income 
and  are  not  an  enduring  encumbrance."  The  College  was 

[70] 


borrowing  from  its  own  funds  and  was  paying  interest.  The 
annual  interest  item  was  noted  as  $2,150.  Fortunately,  we 
have  available  the  report  of  the  treasurer  of  the  College  for 
1875.  This  gives  the  first  complete  list  of  the  college  invest- 
ments now  available,  and  is  printed  in  full  in  the  appendix. 
The  description  of  the  separate  items  is  of  course  inadequate, 
and  the  amounts  given  are  par  values.  We  do  not  know  the 
cost  of  the  different  securities. 

The  committee  points  out  that  the  College  holds  some 
$175,000  of  securities  which  are  paying  no  return,  and  that 
"  the  future  of  this  entire  group  of  investments  is  as  uncer- 
tain, not  to  say  unpromising,  as  the  future  of  anything  can 
be."  The  committee  was  correct  in  its  judgment,  and  we  are 
grateful  to  it  for  its  direct  and  unqualified  estimate.  But  the 
committee  did  not  add  the  pertinent  fact  that  all  but  $10,000 
of  these  securities  of  dubious  value  had  been  received  by  the 
College  as  gifts,  and  that  the  treasurer  had  been  unable  to 
liquidate  them.  It  is  diflBcult  to  trace  the  facts  through  the 
ancient  books  of  account,  but  I  have  succeeded  in  doing  so 
for  most  of  the  investments  in  question.  Here  is  the  story. 

A  total  of  $30,500  of  the  securities  came  to  the  College 
from  the  estate  of  Dr.  Walker.  Many  of  these  survived  the 
depression  and  became  sound  investments  later.  But  the  121 
shares  of  the  Vermont  &  Canada  Railroad  and  the  five  shares 
of  New  England  Glass  did  not.  The  Vermont  &  Canada  Rail- 
road was  in  constant  litigation  for  six  years  with  the  Vermont 
Central,  and  paid  no  return  whatever.  In  1883  the  College 
exchanged  this  stock  for  $4,000  par  value  5%  bonds  of  the 
Consolidated  Railroad  of  Vermont,  guaranteed  by  the  Ver- 
mont Central.  And  in  another  reorganization  in  1899,  these 
in  turn  were  exchanged  for  a  like  amount  of  first  mortgage 
bonds  of  the  Central  Vermont  Railway  Co.  In  1911  the  Col- 
lege sold  its  Central  Vemiont  bonds  at  about  92,  realizing 
some  $3,680  on  Dr.  Walker's  gift  of  121  shares  of  Vermont  & 
Canada. 

A  total  of  $133,000  of  the  securities  in  question  came  to  the 
College  as  gifts  from  Samuel  A.  Hitchcock.  This  included 
$33,000  par  value  of  the  bonds  of  the  State  of  Virginia  and 

[VI] 


$100,000  par  value  of  the  bonds  of  a  small  railroad  iii  Ver- 
mont. First  let  us  look  at  the  Virginia  bonds.  In  1864  Hitch- 
cock gave  the  College  $6,000  par  value  of  these  bonds  which 
he  valued  at  the  time  at  $3,000.  But  both  he  and  the  trustees 
must  have  known  in  the  closing  year  of  the  war  that  the 
bonds  of  Virginia  were  of  the  most  doubtful  value.  In  1869 
Hitchcock  gave  the  College  $27,000  more.  His  total  gifts  of 
Virginia  bonds  were  in  the  neighborhood  of  $50,000.  After 
the  war  the  question  as  to  whether  the  state  should  repudi- 
ate payment  became  a  political  question  in  the  Virginia  leg- 
islature for  some  years.  In  1876  Henry  Edwards  of  the  Fi- 
nance Committee  (he  was  now  seventy-eight  years  old) 
made  a  trip  to  Richmond  to  exchange  the  bonds  for  some 
$33,220  new  bonds,  and  for  a  certificate  of  West  Virginia  of 
a  face  value  of  $16,610.  The  latter  had  a  market  value  of  a 
little  over  six  per  cent  and  was  sold  by  the  College  for  $1,017. 
In  1884  the  new  Virginia  bonds  were  exchanged  again  for 
$18,000  of  a  newer  issue  carrying  a  3%  coupon  and  maturing 
in  1932.  Finally,  in  1909,  the  College  was  able  to  realize  sub- 
stantially par  for  these  bonds.  The  Finance  Committee  corre- 
spondence contains  many  letters  at  different  periods  in  which 
the  committee  struggled  with  the  problem.  It  is  a  long  and 
involved  story  which  reflects  great  credit  on  the  perseverance 
and  care  which  the  Finance  Committees  of  decade  after 
decade  for  a  third  of  a  century  exercised  in  order  to  realize 
as  much  as  possible  for  the  College. 

Hitchcock's  gift  to  the  College  in  1872,  on  the  occasion  of 
its  semicentennial,  enabled  him  to  dispose  of  another  doubt- 
ful investment  in  his  own  portfolio  via  the  philanthropic 
route.  The  $100,000  gift  was  in  bonds  of  the  Lamoille  Valley 
Railroad,  which  ran  from  Joe's  Pond  in  Vermont  to  Maquam 
Bay  on  the  shore  of  Lake  Champlain,  a  distance  of  well  un- 
der fifty  miles.  The  road  was  a  subsidiary  of  the  Portland  & 
Ogdensburg  Railroad  running  from  Portland,  Maine,  through 
Crawford  Notch  in  the  White  Mountains  to  Lake  Cham- 
plain,  and  the  ambitious  people  of  Portland  hoped  to  con- 
tinue the  road  to  Ogdensburg  on  the  Great  Lakes.  In  1877 
the  road  went  into  receivership,  with  two  other  small  con- 
[72] 


necting  roads.  They  were  reorganized  in  1880  as  the  St. 
Johnsbury  and  Lake  Champlain  Railroad,  and  the  College 
was  forced  to  exchange  its  bonds  for  stock  in  the  new  road. 
It  received  preferred  stock  of  a  par  value  of  $41,000  and 
common  stock  of  a  par  value  of  $59,000.  The  College  never 
received  any  return  either  on  the  bonds  or  on  the  stock.  The 
line  was  always  second  grade,  but  was  so  situated  as  to  cause 
uneasiness  to  its  neighboring  lines.  In  the  1880's  the  Con- 
necticut River  Railroad  bought  a  heavy  interest  in  the  line, 
and  the  College  was  able  to  unload  some  of  its  stock  for  $500 
in  cash.  Later  the  Connecticut  River  Railroad  sold  its  inter- 
est to  the  Boston  &  Lowell,  which  was  endeavoring  to  extend 
its  sphere  of  influence  to  the  Canadian  border.  The  railroad, 
some  forty-six  miles  long,  is  still  in  operation,  and  the  Bos- 
ton &  Maine  runs  one  mixed  train  a  day  over  the  line.  Pro- 
fessor Lamprecht  of  the  Amherst  faculty  has  a  summer  home 
not  far  from  the  railway.  But  the  Amherst  Board  as  early  as 
1887  voted  that  at  the  discretion  of  the  Finance  Committee 
the  investment  be  written  off,  and  on  March  31,  1890  it  was 
marked  "  worthless."  This  of  course  ended  the  Hitchcock 
Endowment  for  Scholarships  and  Kindred  Purposes. 

The  committee  then  recommends  to  the  Board  that  it  ac- 
cept and  approve  the  budget  submitted  by  the  treasurer  in 
which  the  estimated  income  for  the  year  is  $200  more  than 
the  estimated  expenses,  and  it  adds  that  "  this  is  a  critical 
margin  on  which  to  run  so  large  an  institution  of  learning, 
over  a  field  covered  by  annual  items  amounting  to  $60,000." 

Paragraph  Seven  in  the  report  is  particularly  interesting  in 
its  implications  as  to  the  affairs  of  the  heirs  of  David  Sears. 
The  committee  recommends  "  that  a  committee  be  ap- 
pointed, consisting  of  Messrs.  Morris  and  Gillett  and  the 
Treasurer,  to  consider  the  application  of  Mr.  C.  U.  Cotting, 
for  one-haff  of  the  income  of  the  Sears  cash  capital  and  Brat- 
tle Street  Fund.  This  is  an  application  made,  as  is  supposed, 
under  the  terms  of  the  gift  of  the  late  David  Sears,  which  re- 
quire that,  after  his  death,  upon  the  demand  made  by  his 
representatives,  a  certain  portion  of  the  income  shall  be  an- 
nually paid  to  them  by  the  College.  There  are  voluminous 

[73] 


papers  connected  with  the  subject,  and  possible  questions  of 
interpretation  spring  out  of  them,  which  may  be  most  fitly 
considered  by  gentlemen  in  the  law." 

The  committee  then  considers  the  matter  of  student  fees. 
It  reports  that  the  annual  charge  by  the  New  England  Col- 
leges is:  Dartmouth  $70,  Tufts  $70,  Brown  $82,  Bowdoin 
$85,  Amherst  $90,  Williams  $91  to  $95,  Yale  $140,  and  Har- 
vard $150.  It  points  out  that  in  the  past  forty  years  the  num- 
ber of  students  at  Amherst  has  increased  30%;  the  cost  of  in- 
struction has  increased  600%;  and  the  charge  for  tuition  has 
increased  300%.  "This  greatly  disproportionate  increase  in 
the  cost  of  instruction  is  a  natural  development,"  adds  the 
committee,  "  a  fruit  of  the  broader,  more  exact,  more  varied, 
more  profound  and  more  stimulating  methods  and  degrees  of 
education  in  this  later  day.  But  it  must  be  paid  for."  And  the 
committee  ends  its  report  with  a  recommendation  that  tui- 
tion charges  be  raised  from  $90  to  $100  a  year. 

Nearly  three-quarters  of  a  century  has  passed  since  Gov- 
ernor Bullock  wrote  this  report  of  his  committee.  The  Col- 
lege has  survived  the  crises  of  1873, 1893, 1907,  and  the  great 
depression  beginning  in  1929;  it  has  survived  two  world 
wars.  It  is  stronger  today  in  material  resources  than  ever  be- 
fore in  its  history.  But  as  one  reads  this  able  report,  as  one 
considers  its  analysis  of  the  problems  which  then  faced  the 
College,  one  is  impressed  by  the  ability  of  the  Finance  Com- 
mittee of  1875,  by  the  clarity  of  its  presentation  of  the  essen- 
tial facts,  and  by  the  courage  and  foresight  with  which  it  ap- 
plied the  necessary  measures  to  protect  the  future  of  the 
College.  The  committee  called  on  the  Board  "  to  stand  inexo- 
rable in  their  determination  to  preserve  the  principal  of  the 
College,  its  capital  unimpaired  "  and  to  be  "  deaf  to  gossip 
and  solicitation."  The  Board  stood  firm  in  support  of  its 
committee. 

The  report  indicates  that  the  debt  of  the  College  was  equal 
to  about  5%  of  its  endowment.  The  endowment  was  invested 
60%  in  bonds,  20%  in  common  stocks,  6%  in  real  estate,  and 
12%  in  Notes  Receivable.  About  14%  of  the  endowment  had 
ceased  to  yield  a  return.  The  bonds  of  the  United  States, 
[74] 


however,  were  payable  in  gold,  which  was  now  at  a  substan- 
tial premium;  as  the  coupons  matured,  the  College  could 
realize  this  premium  by  selling  them  in  the  open  market. 

The  list  of  investments  of  1875  contains  nearly  $70,000  in 
Notes  Receivable,  The  largest  item  is  the  note  of  Samuel 
Williston  of  $40,000.  Mr.  WilHston  had  recently  given  the 
College  $50,000  and  had  already  paid  oflf  $10,000.  The  next 
largest  item  is  the  note  of  the  Trustees  of  the  College  for 
$14,600,  representing  the  money  borrowed  from  various 
funds  of  which  I  have  already  spoken.  The  College  holds  the 
note  of  Julius  and  Clark  Seelye  for  $1,500  and  the  note  of 
Julius  Seelye  for  $1,000.  Julius  Seelye  was  to  become  presi- 
dent of  the  College  the  following  year,  and  Clark  Seelye  had 
recently  been  made  president  of  Smith  College,  after  serving 
for  eight  years  on  the  Amherst  faculty. 

Treasurer  Dickinson  made  long  and  careful  reports  to  the 
Board  each  year,  and  while  most  of  the  original  reports  have 
been  lost,  we  have  copies  of  his  first  ten  reports  in  Journal  A. 
In  1875,  for  example,  he  reports  that  the  average  rate  of  re- 
turn earned  by  the  College  on  its  bank  stocks  was  10.595%  on 
par;  on  its  railroad  stocks  ( excluding  the  Vermont  &  Canada 
which  paid  nothing),  the  average  return  was  7.855%.  In  1876 
he  reports  that  the  Financier  of  the  Charity  Fund  is  charg- 
ing the  College  7%  interest  on  the  loan  of  $5,000  and  that  he 
has  tried  to  reduce  it  without  success.  In  1877  he  calls  the 
Board's  attention  to  the  fact  that  $30,500  U.S.  Governments 
held  by  the  College  have  been  called,  and  that  he  has  rein- 
vested in  mortgage  notes  paying  8%,  8/2%,  and  10%.  The  rail- 
road, bank,  and  manufacturing  stocks  held  by  the  College 
have  reduced  their  dividends:  Boston  &  Albany  from  10%  to 
8%,  Fitchburg  from  8%  to  6%,  New  London  Northern  from  8% 
to  7%;  Boston  &  Lowell  is  now  paying  nothing.  And  in  the 
bank  stocks  held  by  the  College,  Easthampton  has  reduced 
dividend  payments  from  9%  to  8%,  Northampton  from  10%  to 
8^2%,  Mechanics  Bank  of  Worcester  from  10%  to  6%,  Eagle  of 
Boston  from  7%  to  4%,  while  the  Randolph  Bank  is  still  pay- 
ing its  usual  12%.  In  1878  the  treasurer  tells  the  Board  that 
$50,000  of  college  securities  are  paying  nothing,  while  the 

[75] 


other  $360,000  are  paying  an  average  of  6%  on  par.  The  re- 
port of  1880  tells  us  that  the  only  outside  debt  of  the  College 
is  $13,085,  borrowed  from  the  First  National  Bank  of  Am- 
herst at  4%%. 

In  1881  the  treasurer  recommends  to  the  Board  that  most 
of  the  scholarship  funds  of  the  College  be  consolidated  for 
investment  purposes,  and  points  out  the  advantages  of  such 
a  procedure  both  to  the  security  of  the  individual  funds  and 
to  the  accounting  practices  of  the  treasurer's  office.  The 
Board  took  no  action.  The  College's  railroad  stocks  are  now 
yielding  6%%  on  par,  the  bank  stocks  6%%,  and  the  manufac- 
turing stocks  8%%.  In  1883  the  treasurer  borrows  $50,000 
from  the  Amherst  Savings  Bank  at  4^2%.  And  the  following 
year  this  loan  is  paid  off  from  receipts  from  a  bequest  to  the 
College.  The  Treasurer  renews  his  recommendation  to  con- 
solidate some  of  the  scholarship  funds  for  investment  pur- 
poses, and  the  Board  approves  the  consolidation  of  twenty- 
seven  such  individual  funds.  This  is  the  first  treasurer's 
report  I  find  that  is  audited  by  an  independent  auditor, 
Henry  Piper  of  Boston.  In  the  past,  the  reports  have  been  au- 
dited by  a  committee  of  the  Board. 

Let  us  examine  in  more  detail  the  treasurer's  report  of 
1882.  The  report  includes  also  the  estimated  budget  for  the 
current  year.  These  documents  give  us  an  admirable  picture 
of  the  finances  of  the  College. 

The  treasurer  lists  the  investments  of  the  College  at  the 
book  value  of  $878,631,  distributed  as  follows: 


Railroad  Bonds 

$233,800 

26% 

State  Bonds 

30,900 

4 

City  Bonds 

77,000 

9 

Railroad  Stocks 

186,600 

21 

Manufacturing  Bonds 

25,000 

3 

Sundry  Stocks 

2,650 

.3 

Bank  Stock 

43,100 

5 

Manufacturing  Stocks 

41,880 

5 

Notes  Receivable 

237,301 

27 

Savings  Bank  Deposit 

400 

$878,631        100 
[76] 


A  comparison  of  the  1882  summary  with  that  for  1875  in- 
dicates the  following  significant  changes.  The  investments 
(excluding  real  estate,  which  is  included  in  the  1875  total  but 
not  the  1882  total,  although  the  College  still  held  the  same 
real  estate)  show  an  increase  in  investments  at  book  value 
of  $328,000,  or  60%.  The  U.S.  Governments  have  been  sold. 
Railroad  Bonds  have  increased  by  some  $53,000  but  the  pro- 
portion invested  in  railroad  bonds  has  dropped  from  30%  to 
26%.  City  Bonds  have  increased  from  $26,000  to  $77,000  and 
the  proportion  invested  from  4%  to  9%.  Railroad  Stocks  have 
risen  from  $48,000  to  $186,600  and  the  proportion  has  risen 
from  8%  to  21%.  And  Notes  Receivable  have  risen  from 
$69,720  to  $237,301,  with  an  increase  in  the  proportion  so 
invested  from  12%  to  27%.  A  new  item  appears,  —  Manufac- 
turing Bonds  at  $25,000. 

The  treasurer's  report  deals  with  the  Walker  Hall  fire 
which  occurred  in  the  spring  of  the  year,  and  the  steps  taken 
by  the  College  to  rebuild;  the  increase  made  in  the  college 
insurance  by  order  of  the  Board;  and  the  increase  in  the  per- 
manent funds  of  the  College.  The  increase  in  endowment 
during  the  year  was  reported  as  just  short  of  $200,000. 

First,  there  was  the  bequest  under  the  will  of  Samuel 
Williston  taken  on  the  books  at  $103,000,  which  we  shall  see 
later  did  not  add  more  than  $23,000  to  pennanent  funds. 
In  addition,  the  College  received  over  $40,000  of  the  total 
of  $50,000  coming  to  it  under  the  will  of  Joel  Giles  of  the 
class  of  1827,  the  income  to  be  used  for  the  purchase  of 
books  for  the  library.  Giles  had  attended  Amherst  for  only 
one  year,  1823-24,  and  had  graduated  from  Harvard  and 
from  the  Harvard  Law  School,  and  been  a  practicing  lawyer 
in  Boston  and  New  York.  The  third  large  gift  to  pennanent 
endowment  during  the  year  was  $50,000  from  Thomas  H. 
McGraw  of  the  class  of  1869  of  Poughkeepsie.  McGraw  at- 
tended the  College  only  two  years,  and  then  entered  the 
lumber  business.  In  1881  the  College  conferred  on  him  the 
honorary  degree  of  Master  of  Arts,  making  him  an  alumnus. 
In  1882  he  gave  $50,000  to  endow  a  Professorship  of  Mental 
and  Moral  Philosophy.  In  1884  he  was  elected  a  trustee.  He 

[77] 


made  his  gift  in  the  form  of  a  promissory  note  carrying  6% 
interest,  and  the  note  is  Hsted  by  the  treasurer  under  Notes 
Receivable.  For  three  years  he  paid  interest  on  the  note  at 
6%.  Subsequently,  he  became  disaffected  with  the  College  for 
some  reason  which  does  not  appear  in  the  record.  He  refused 
payment  of  the  note,  and  resigned  from  the  Board.  The  Col- 
lege did  not  attempt  legal  action  to  collect  the  note.  He  was 
succeeded  on  the  Board  by  D.  Willis  James. 

Another  generous  donor  to  the  College  in  this  period  was 
Mrs.  Valeria  G.  Stone  of  Maiden,  Massachusetts.  In  1880  she 
estabhshed  the  Stone  Fund  of  $50,000.  Such  portion  of  the 
fund  as  the  Trustees  deem  necessary  is  to  support  the  Stone 
Professorship  of  Biology.  The  incumbent  of  this  chair  "  shall 
always  be  not  only  a  man  of  good  scientific  attainments  but 
also  one  of  positive  and  earnest  Christian  character,  so  that 
his  teaching  and  influence  may  serve  to  confirm  his  students' 
confidence  in  God's  word  as  well  as  to  increase  their  knowl- 
edge of  His  works."  Any  portion  of  the  fund  that  may  not  be 
necessary  for  the  perpetual  salary  of  the  Stone  Professor  and 
the  thorough  equipment  of  his  department  for  its  most  ef- 
fective work  may  be  used  by  the  Trustees  in  whatever  way 
they  think  will  best  promote  the  prosperity  of  this  institution. 

And  two  years  later,  in  1882,  Mrs.  Stone  established  the 
Stone  Scholarship  Fund,  by  the  assignment  of  twenty-two 
railroad  bonds  to  the  College,  with  the  provision  that  the  in- 
come should  be  paid  to  Mrs.  Stone  during  her  life.  This  fund 
now  stands  on  the  books  of  the  College  at  $24,954.82. 

Until  this  year  this  is  all  that  we  knew  about  the  Stone 
Professorship  or  the  Stone  Scholarship  Fund.  Who  was  Mrs. 
Stone,  how  was  her  interest  in  Amherst  College  aroused, 
what  was  the  basis  of  her  fortune?  We  had  no  information. 

A  few  weeks  ago  there  was  discovered  in  a  file  of  corre- 
spondence that  had  recently  come  into  possession  of  the 
Hitchcock  Room  a  letter  from  the  Reverend  William  Henry 
Willcox  to  President  Seelye.  The  letter,  written  in  1882,  con- 
tained the  following  sentence:  "  And  it  occurs  to  me  just  here 
to  mention  a  fact  that  will  certainly  interest  you  but  which  I 
think  I  have  never  mentioned  to  you  before.  The  $50,000  en- 
[78] 


dowment  Mrs.  S  has  already  given  to  Amherst  was  the  direct 
result  of  the  great  interest  awakened  in  her  mind  by  your  lit- 
tle volume  of  lectures  to  the  Brahmins."  And  in  a  postscript 
he  suggests  that  Mrs.  Stone  may  consider  founding  one  or 
more  scholarships  at  Amherst. 

The  "  little  volume "  which,  according  to  Willcox,  pro- 
duced a  gift  of  $50,000  for  the  College  was  of  course  Seelye's 
The  Way,  the  Truth,  and  the  Life;  Lectures  to  Educated 
Hindoos,  which  he  had  delivered  in  India  in  the  course  of 
his  trip  around  the  world  in  1872-1873,  three  years  before  he 
became  president  of  the  College,  and  which  had  been  pub- 
lished in  this  country  after  his  return.  What  a  romantic  story! 
A  college  professor  gives  a  series  of  lectures  in  India  to  edu- 
cated Hindoos  and  seven  years  later,  when  he  has  become 
president  of  the  college,  the  volume  of  lectures  stirs  the  heart 
of  a  lady  in  Boston,  who  founds  a  professorship  at  his  college 
with  a  gift  of  $50,000  and  then  suggests  an  additional  gift 
for  scholarship  purposes. 

In  the  library  of  Cornell  University  we  found  a  little  vol- 
ume entitled  William  Henry  Willcox,  A  Sketch  by  his  Chil- 
dren, which  enables  us  to  fill  out  the  story.  Mr.  Willcox 
(1821-1904)  spent  much  of  his  life  in  a  pastorate  in  Read- 
ing, Massachusetts,  after  graduating  from  what  is  now  New 
York  University,  and  Union  Theological  Seminary.  His  wife 
was  the  niece  of  Mrs.  Daniel  P.  Stone,  who  was  born  Valeria 
Goodenow.  Stone  accumulated  a  fortune  of  some  two  million 
dollars  as  a  dry  goods  merchant  and  private  banker  in  Bos- 
ton. The  Stones,  who  lived  in  Maiden,  saw  much  of  the  Will- 
coxes,  and  asked  Willcox  to  draw  their  wills.  Stone  died  in 
1878  at  the  age  of  eighty,  and  after  legacies  to  relatives,  left 
the  residue  to  his  widow,  with  the  suggestion  that  part  of  it 
be  given  to  charitable  institutions.  As  executors  it  named  two 
of  his  business  associates  and  Willcox.  Mrs.  Stone  then  asked 
Willcox  to  resign  his  pastorate,  which  he  had  held  for  over 
twenty  years,  and  at  the  same  salary  become  her  private  sec- 
retary and  confidential  adviser.  During  the  next  few  years 
Mrs.  Stone,  on  Willcox's  advice,  gave  more  than  a  million 
dollars  to  educational  and  charitable  institutions.  Willcox 

[79] 


traveled  widely,  making  careful  investigations  of  institutions 
before  recommending  them.  The  leading  beneficiaries  were: 


American  Missionary 

Association 

$175,000 

Phillips  Academy,  Andover 

175,000 

Wellesley  College 

110,000 

Amherst  College 

75,000 

Bowdoin  College 

75,000 

Drury  College 

70,000 

OberHn  College 

50,000 

Chicago  Theological 

Seminary 

50,000 

Dartmouth  College 

35,000 

Hamilton  College 

30,000 

American  College 

25,000 

Howard  University 

25,000 

Boston  Y.M.C.A. 

25,000 

Iowa  College 

20,000 

Ripon  College 

20,000 

Olivet  College 

20,000 

Robert  College 

20,000 

Illinois  College 

20,000 

Beloit  College 

20,000 

Hampton  Normal  Institute 

20,000 

This  was  of  course  before  the  day  of  the  great  foundations, 
and  Willcox  was  in  effect  a  one-man  foundation  acting  for  a 
most  generous  benefactor.  Meanwhile,  Mrs.  Stone,  contrary 
to  the  advice  of  Willcox,  had  made  a  new  will,  leaving  her 
entire  estate  to  him  to  distribute  to  educational  and  charita- 
ble institutions.  On  her  death,  six  years  after  her  husband's, 
there  was  a  contest  by  the  heirs.  The  contest  was  settled  out 
of  court  by  the  allowance  of  $50,000  to  the  heirs;  the  remain- 
der was  distributed  by  Willcox.  He  became  trustee  of  Welles- 
ley  College,  Drury  College,  Jaffna  College,  Abbott  Academy, 
Phillips  Academy  at  Andover,  and  the  Maiden  Hospital;  a 
member  of  the  American  Board  of  Commissioners  for  For- 
eign Missions,  president  of  the  Congregational  Education  So- 
ciety, and  a  trustee  of  Straight  University. 

Willcox  sent  his  two  sons  to  Amherst  College,  where  they 
graduated  in  the  classes  of  1884  and  1889.  The  elder  son, 
[80  1 


Walter  F.  Willcox,  was  for  forty  years  a  member  of  the  fac- 
ulty of  Cornell  University,  and  is  now  professor  emeritus,  liv- 
ing in  Ithaca,  New  York. 

The  report  of  the  treasurer  indicates  that  not  all  of  the  in- 
vestments of  the  College  turned  out  well.  For  example,  the 
300  shares  of  stock  of  Collins  Manufacturing  Co.,  given  the 
College  in  1879  by  Chester  W.  Chapin  of  Springfield  because 
of  his  "  high  regard  for  the  character  of  President  Julius  H. 
Seelye,"  and  having  a  par  value  of  $30,000,  were  sold  during 
the  year  for  $2,940.94  under  advice  of  Mr.  Chapin's  son-in- 
law,  Mr.  Rumrill.  Mr.  Chapin  was  one  of  the  leading  citizens 
of  the  Commonwealth,  president  of  the  Boston  &  Albany 
Railroad;  and  his  gift  was  to  provide  an  endowment  for  the 
president's  salary.  This  sale  reduced  the  Chapin  Fund  from 
$50,000  to  $27,940.94.  Two  years  later  Mr.  Chapin's  widow 
gave  the  College  something  over  $22,000  to  restore  the  fund 
to  an  even  $50,000. 

Let  us  turn  now  to  examine  the  individual  investments  of 
the  college  funds  in  1882.  Railroad  Bonds  amount  in  total  to 
$233,800,  or  26%  of  the  total  portfolio.  There  are  twenty- 
seven  different  items.  The  largest  are  Chicago,  Burlington  & 
Quincy  $44,000,  Chicago,  Milwaukee  &  St.  Paul  $26,000,  Bos- 
ton &  Albany  $20,000,  Chicago  and  Northwestern  $16,000, 
Old  Colony  $15,000,  and  Boston  &  Maine  $10,000.  Most  of 
these  companies  were  financed  by  Boston  capital  and  main- 
tained their  financial  offices  in  Boston. 

Railroad  Stocks  amounted  to  $186,600,  or  21%  of  the  total 
portfolio.  But  this  figure  is  deceptive.  It  included  the  $100,- 
000  par  value  of  St.  Johnsbury  &  Lake  Champlain  Railroad 
received  by  the  College  in  exchange  for  the  bonds  of  the  Le- 
moille  Valley  Railroad  on  the  reorganization  of  the  latter, 
and  the  Vermont  &  Canada.  When  we  pass  on  from  these 
two  items  given  to  the  College,  the  list  looks  better.  Next  in 
order  of  size  come  Chicago,  Burlington  &  Quincy  $11,000, 
Union  Pacific  $10,000,  Central  Pacific  $10,000,  and  Atchison 
$10,000.  There  are  also  small  blocks  of  Boston  &  Albany, 
Boston  &  Lowell,  Fitchburg,  Connecticut  River,  Old  Colony, 
Concord,  New  London  Northern.  Most  of  these,  both  the 

[81] 


New  England  roads  and  the  western  roads,  were  financed  in 
Boston. 

Bank  Stocks  represent  $43,100,  or  5%,  of  the  portfoho. 
There  are  nine  items,  headed  by  Easthampton  $14,000, 
Worcester  $8,000,  Northampton  $5,000  and  $4,000.  All  are 
Massachusetts  banks,  two  in  Boston  and  the  others  country 
banks. 

Manufacturing  Stocks  represent  $41,880,  or  5%.  Here  there 
are  fourteen  items,  all  New  England  textiles,  the  largest  be- 
ing Washington  Mills  at  $8,000,  and  Hamilton  Mills  at 
$5,000. 

Notes  Receivable  is  the  largest  category,  $237,301,  or  27% 
of  the  portfolio.  Here  there  are  forty-five  items,  only  two  of 
which  are  of  substantial  amount.  The  McGraw  note  of  $50,- 
000  I  have  already  noted.  The  other  substantial  item  is  the 
notes  of  A.  E.  Abbott  of  $100,000  secured  by  mortgage  and 
given  in  payment  of  the  Williston  Mill  at  Easthampton.  Most 
of  the  items  are  small  loans  such  as  a  country  savings  bank 
would  make  today,  some  secured  by  mortgage,  some  by  two 
names  on  the  paper,  most  of  the  names  doubtless  local  peo- 
ple known  to  the  treasurer. 

In  Sundry  Stocks  the  interesting  item  is  12  shares  of 
United  States  Hotel  Co.  of  Boston,  Tilly  Haynes'  famous 
hostelry  located  near  the  Boston  &  Albany  station  and  for 
many  years  commanding  the  reputation  in  Boston  now  held 
by  the  Waldorf  in  New  York. 

Fortunately,  we  are  able  at  this  period  in  the  history  of  the 
College  to  go  behind  the  formal  list  of  investments  in  the 
portfolio,  and  watch  the  men  who  were  responsible  for  finan- 
cial policy.  Austin  Dickinson's  files  give  us  an  interesting  pic- 
ture. The  active  members  of  the  Finance  Committee  in  the 
decade  from  1875  to  1885  were  Henry  Edwards  of  Boston, 
Alpheus  Hardy  of  Boston  ( until  1877 ) ,  Alexander  Bullock  of 
Worcester,  and  John  Sanford  of  Taunton.  And  among  these 
the  most  active  by  far  was  Henry  Edwards.  He  was  writing 
almost  every  week  to  Dickinson  on  some  matter  of  finance, 
he  was  dropping  in  on  Hardy  to  get  his  approval,  he  was 
corresponding  with  Bullock  and  Sanford.  And  on  his  way  to 
[82] 


and  from  his  summer  home  in  Lenox  he  would  stop  off  at 
Amherst  and  then  at  Worcester  to  see  Bullock. 

The  College's  securities  were  kept  in  a  box  of  the  Union 
Safety  Deposit  Company  at  40  State  Street,  Boston,  close  to 
tlie  ofiBces  of  Lee,  Higginson  &  Company.  Edwards  writes 
Dickinson,  for  example,  that  he  has  "visited  the  College's 
safe  deposit  box  to  cut  the  July  coupons  and  called  at  the 
treasurer's  offices  of  various  corporations  to  collect  the  July 
dividends  ";  he  has  deposited  these  to  his  personal  account; 
and  he  encloses  his  check  to  the  College  for  the  total.  He  has 
sold  the  coupons  on  the  $93,000  U.S.  Governments  at  a  pre- 
mium of  5^8%,  netting  the  College  nearly  $500  extra.  The 
Amoskeag  dividend  was  $40  per  share,  the  Merrimac  divi- 
dend was  $40  per  share,  the  United  States  Hotel  was  $5  per 
share.  This  was  in  1877. 

On  another  occasion  he  writes  Dickinson  that  he  has  called 
on  the  treasurer  of  Harvard  College  and  seen  their  Record  of 
Gifts  and  Bequests,  with  all  the  conditions  and  letters  per- 
taining to  each  gift  copied  in  the  record;  and  he  recom- 
mends that  Amherst  prepare  a  similar  book.  It  was  a  wise 
suggestion,  but  the  Amherst  treasurers  did  not  follow  it  un- 
til 1932  when  Treasurer  Andrews  prepared  the  Amherst  Gfft 
Book. 

Edwards  bought  bonds  for  the  College  in  his  own  name 
and  took  delivery.  He  then  placed  the  bonds  in  the  college 
box,  and  sent  the  invoice  to  Dickinson  so  that  the  College 
could  reimburse  him.  In  1875  he  saw  a  new  type  of  fire  ex- 
tinguisher named  the  Johnson  Pumper.  He  was  so  impressed 
that  he  bought  a  number  for  the  College,  and  then  arranged 
to  have  the  salesman  for  the  company  give  a  lecture  at  the 
College  before  trustees,  faculty,  and  representative  students 
on  fire  prevention.  He  writes  Dickinson  that  he  is  retaining 
a  certain  amount  from  his  dividend  collections  for  the  col- 
lege account  to  reimburse  himself  for  the  pumpers. 

When  Edwards  bought  bonds  or  stock  for.  the  College,  he 
shopped  around  among  the  different  Boston  brokers  to  get 
the  best  offer  he  could.  And  when  he  had  obtained  the  low- 
est offer,  he  asked  for  a  further  discount  in  price  because  the 

[83] 


transaction  was  for  account  of  the  College,  and  got  it.  Then 
he  would  report  to  Dickinson  in  detail.  All  of  his  letters  were 
in  longhand.  Dickinson's  letters  to  him  are  not  preserved,  for 
Dickinson  seldom  kept  copies  of  his  own  letters  for  his  files. 

We  have  seldom  had  a  more  indefatigable  trustee  than 
Henry  Edwards.  One  of  his  letters  to  Treasurer  Dickinson, 
written  in  1878  when  Edwards  was  eighty  years  old  and  suf- 
fering severely  from  rheumatism,  recites  that  he  has  recently 
been  run  down  on  Tremont  Street,  Boston,  by  a  team  driven 
by  a  "  Jehu,"  that  he  hit  his  head  on  the  pavement,  and  was 
picked  up  unconscious,  but  in  a  week  was  back  in  his  office 
looking  out  for  the  afiFairs  of  the  College.  He  made  frequent 
business  trips  to  New  York.  He  advised  the  treasurer  on  mat- 
ters of  accounting  practice.  He  solicited  his  friends  for  gifts 
to  the  College.  But  he  could  not  go  on  forever.  In  1884,  at  the 
age  of  eighty-six  and  after  forty  years  of  service  as  an  Am- 
herst trustee,  he  tendered  his  resignation  because  of  the  in- 
firmities of  age,  and  the  Board  reluctantly  accepted  his 
decision. 

In  1875  Rufus  Bela  Kellogg  of  the  class  of  1858  was  elected 
the  first  alumni  trustee  of  the  College.  Kellogg  was  born  in 
North  Amherst  and  after  graduation  he  went  west  to  make  his 
fortune.  And  did.  Among  his  ventures  was  the  Kellogg  Na- 
tional Bank  of  Green  Bay,  Wisconsin,  which  he  founded  and 
of  which  he  was  president  for  many  years.  In  1877,  two  years 
after  his  election  to  the  Board,  he  wrote  Edwards  recom- 
mending the  investment  of  a  limited  amount  of  college  funds 
in  western  mortgages,  paying  10%,  and  giving  his  ideas  on  in- 
vestment policy  in  general.  Kellogg  offered  to  guarantee  an 
investment  of  $5,000  in  this  field  and  to  select  the  mortgages 
himself  and  collect  the  interest.  It  was  a  radical  suggestion 
for  these  New  Englanders  to  consider,  and  Edwards  con- 
sulted Bullock  and  Sanford.  Finally,  they  all  approved  an  in- 
vestment of  $5,000  of  college  funds,  and  Edwards  wrote 
Dickinson  authorizing  him  to  proceed.  Kellogg's  letter  is  an 
interesting  document.  He  was  devoted  to  the  College  and 
he  brought  a  fresh  point  of  view  to  the  Board.  He  served 
only  one  term  of  five  years  as  a  trustee,  but  his  interest  in 
[841 


Amherst  continued  for  the  rest  of  his  life.  He  later  gave  a 
permanent  fund  for  the  Kellogg  Prizes  in  Public  Speaking 
and  another  fund  of  $30,000  to  found  the  Rufus  B.  Kellogg 
University  Fellowship,  which  was  among  the  first  in  the 
country. 

By  the  time  Treasurer  Dickinson  had  completed  his  first 
decade  in  oflBce,  the  composition  of  the  Finance  Committee 
had  changed.  Williston  retired  from  the  Board  in  1874, 
Hardy  in  1877,  Bullock  in  1882,  and  Edwards  in  1884.  They 
were  succeeded  by  Sanford,  Hyde,  Brayton,  and  Whitcomb; 
two  lawyers  and  two  businessmen,  all  from  Massachusetts, 
and  all  but  Brayton  graduates  of  the  College.  Sanford,  Hyde, 
and  Whitcomb  all  rendered  distinguished  service  to  the  Col- 
lege. Brayton  was  not  particularly  active. 

John  Summerfield  Brayton  was  a  bank  president  in  Fall 
River,  and  his  son  was  a  graduate  of  the  College  in  the  class 
of  1888.  The  father  served  on  the  Board  till  1900.  He  was  a 
good  friend  of  Whitcomb's.  He  made  occasional  small  gifts, 
five  hundred  dollars  for  the  purchase  of  books  of  Spanish  lit- 
erature, one  hundred  dollars  for  the  work  of  the  Greek  De- 
partment, two  hundred  and  fifty  for  general  purposes,  and 
several  of  three  hundred  dollars  each  to  bring  distinguished 
preachers  to  the  College.  But  he  does  not  seem  to  have 
played  a  significant  part  in  either  the  deliberations  of  the 
Board  or  the  work  of  the  Finance  Committee. 

Henry  Dwight  Hyde  (1838-1897)  was  born  in  South- 
bridge,  prepared  for  college  at  Williston  Seminary,  gradu- 
ated from  Amherst  in  the  class  of  1861,  and  studied  law  at 
Harvard  Law  School.  From  1864  to  1897  he  practiced  law  in 
Boston  as  senior  member  of  the  firm  of  Hyde,  Dickinson  and 
Howe,  one  of  the  leading  firms  of  corporation  lawyers  of 
New  England.  Professor  Samuel  Williston  of  the  Harvard 
Law  School  faculty  was  for  many  years  associated  with  this 
oflBce.  Hyde  was  a  trustee  of  Amherst  from  1877  to  1897  and 
of  Mount  Holyoke  College  from  1880  to  1893.  He  was  a  donor 
of  the  fund  for  the  Hyde  Prize  in  Public  Speaking  and  he 
made  other  generous  contributions  to  the  funds  of  the 
College. 

[85] 


John  E.  Sanford  ( 1830-1907 )  was  born  in  Dennis,  Massa- 
chusetts, prepared  for  college  at  Amherst  Academy  and  Wil- 
liston,  graduated  from  the  College  in  the  class  of  1851, 
taught  school,  was  for  a  year  tutor  at  the  College,  studied 
law  in  the  office  of  Treasurer  Edward  Dickinson  and  else- 
where, and  practiced  his  profession  in  Taunton  from  1856 
till  1899.  Sanford  held  many  offices  of  trust  in  the  Common- 
wealth. He  was  Speaker  of  the  House,  chairman  of  the  Har- 
bor and  Land  Commissioners,  and  later  chairman  of  the 
Board  of  Railroad  Commissioners.  He  was  a  trustee  of  the 
College  from  1874  to  1907,  and  president  of  the  Board  from 
1899  to  1907.  He  gave  the  $5,000  scholarship  fund  in  mem- 
ory of  his  class.  My  college  classmate,  Marcus  A.  Rhodes, 
who  entered  Amherst  from  Taunton,  remembers  Mr.  San- 
ford, whom  he  met  in  1898  or  1899.  "  I  still  recall,"  says 
Rhodes,  "how  kindly  and  sympathetic  he  was,  as  we  dis- 
cussed my  entrance  to  Amherst  College.  But  dignity  was  his 
chief  characteristic.  In  his  earlier  years  he  had  taken  some 
interest  in  local  politics,  but  his  duties  on  various  commis- 
sions kept  him  in  Boston  more  and  more  as  time  went  on." 
Rhodes  is  now  president  of  the  Taunton  Savings  Bank,  a  po- 
sition once  held  by  Sanford,  and  one  of  the  older  trustees  of 
the  bank  recalls  that  when  Sanford  was  presiding  and  the 
clock  showed  that  six  o'clock  was  approaching,  Sanford 
would  put  on  the  pressure  so  that  the  business  of  the  meeting 
could  be  completed  before  six.  "Apparently  dinner  was  a 
fixed  date  and  he  didn't  intend  to  be  late." 

We  have  a  large  number  of  Sanford's  letters  in  our  files,  all 
in  longhand  and  all  addressed  to  Treasurer  Dickinson.  They 
show  his  constant,  careful  attention  to  the  investment  policy 
of  the  College  and  his  frequent  trips  to  Amherst  for  meetings 
of  the  Finance  Committee  or  for  conference  with  the  presi- 
dent and  treasurer. 

George  Henry  Whitcomb  ( 1842-1916 )  was  born  in  Tem- 
pleton,  Massachusetts,  prepared  for  college  at  Phillips  Acad- 
emy, Andover,  and  graduated  from  the  College  in  the  class 
of  1864.  He  built  up  a  large  business  as  a  manufacturer  of 
envelopes  in  Worcester,  formed  the  United  States  Envelope 
[86] 


Company  in  1898,  invested  his  fortune  widely,  with  substan- 
tial interests  in  Seattle,  Washington,  and  Pueblo,  Colorado, 
was  a  director  of  many  corporations  and  a  large  owner  of 
real  estate.  He  was  proposed  as  a  candidate  for  alumni  trus- 
tee of  Amherst  in  1879  by  a  group  of  influential  alumni,  in- 
cluding General  Francis  A.  Walker,  later  president  of  Mas- 
sachusetts Institute  of  Technology,  but  was  defeated  by 
General  Walker  who  was  himself  a  candidate.  In  1884  he 
was  elected  a  life  trustee  and  served  until  his  death  in  1916. 
For  three  years  he  was  treasurer  of  the  College.  He  was  also 
trustee  of  Mount  Holyoke  College  and  chairman  of  the  Pru- 
dential Committee  of  the  American  Board  of  Commissioners 
for  Foreign  Missions.  His  three  sons  graduated  from  the  Col- 
lege in  the  classes  of  1894, 1900,  1904;  and  his  son  Ernest  has 
continued  his  close  connection  with  the  College  right  up  to 
the  present  time. 

All  of  these  men  —  Hyde,  Sanford,  and  Whitcomb  — 
started  from  simple  backgrounds  in  small  Massachusetts 
towns.  All  attained  eminence,  two  acquired  substantial  for- 
tunes, and  all  rendered  long  public  service,  including  distin- 
guished service  to  their  alma  mater.  They  were  prudent, 
hard-headed,  shrewd  judges  of  investments,  and  they  were 
tireless  workers  in  the  interest  of  the  College.  The  Board  was 
still  largely  a  Massachusetts  Board,  its  New  York  members 
being  distinguished  ministers.  And  the  finances  of  the  Col- 
lege were  handled  in  Boston  and  Worcester. 

In  the  final  decade  of  the  century  three  New  York  men  of 
aflFairs  were  elected  to  the  Board:  George  Arthur  Plimpton 
in  1890,  Daniel  Willis  James  in  1891,  and  Charles  Millard 
Pratt  in  1897.  Two  were  graduates  of  the  College,  one  was 
the  father  of  a  then  recent  graduate.  They  differed  widely  in 
age,  in  experience,  and  in  interest.  One  was  a  man  of  sub- 
stantial means,  two  were  men  of  great  wealth;  all  three  were 
generous  in  the  time  and  thought  they  devoted  to  the  prob- 
lems of  the  College,  as  well  as  in  the  large  pecuniary  gifts 
they  made  from  time  to  time.  Mr.  Plimpton  secured  more 
money  in  gifts  for  the  College  than  any  other  trustee  before 
or  since.  The  gifts  of  the  Pratt  family  and  of  the  James  fam- 

[87] 


ily  have  been  of  a  magnitude  beyond  those  of  any  other 
family  in  the  history  of  Amherst.  And  it  was  through  Mr. 
Pratt  that  his  boyhood  friend,  Henry  Clay  Folger,  came  to 
Amherst  as  a  student;  it  was  through  Mr.  Pratt  that  Folger 
remained  in  college  to  finish  his  course  when  the  family  for- 
tunes suffered  a  severe  reverse.  Pratt  and  Folger  were  associ- 
ated together  in  business  and  were  lifelong  friends.  It  was  at 
Amherst  that  Folger  developed  his  intense  interest  in  Shake- 
speare. The  college  that  was  founded  by  the  indomitable 
faith  of  a  few  men  in  western  Massachusetts  in  the  decade  of 
the  1820's,  and  was  saved  from  bankruptcy  and  extinction 
by  two  other  men  in  western  Massachusetts  in  the  decade  of 
the  1840's,  was  provided  with  material  resources  to  make 
the  college  of  today  largely  by  the  influence,  the  prudence, 
and  the  gffts  of  three  New  York  men  who  were  elected  to 
the  Amherst  Board  in  the  1890's. 

George  A.  Plimpton  (1855-1936)  was  born  in  Walpole, 
Massachusetts,  prepared  for  college  at  Phillips  Academy  at 
Exeter,  and  graduated  from  Amherst  in  the  class  of  1876.  He 
attended  Harvard  Law  School  the  following  year,  and  then 
entered  the  employ  of  Ginn  &  Co.,  publishers  in  New  York 
City.  At  an  early  age  he  was  made  a  partner,  and  later  be- 
came head  of  the  firm.  He  was  elected  an  alumni  trustee  of 
the  College  in  1890  and  served  for  five  years.  In  1900  he  was 
elected  to  the  life  Board;  in  1907  he  succeeded  John  E.  San- 
ford  as  president  of  the  Board  and  continued  to  serve  in  this 
ofiBce  till  his  death  in  1936.  He  was  trustee  and  for  some 
years  treasurer  of  Barnard  College,  trustee  of  Phillips  Acad- 
emy at  Exeter,  trustee  of  Union  Theological  Seminary,  trus- 
tee of  the  American  College  for  Girls  in  Constantinople.  He 
was  an  inveterate  collector;  his  unique  collection  of  early 
textbooks  he  gave  to  Columbia,  his  Dante  collection  to 
Wellesley,  his  collection  of  French  and  Indian  War  material 
to  Amherst,  his  collection  of  theatrical  material  to  Amherst. 
He  published  a  number  of  scholarly  books,  delivered  lec- 
tures before  learned  societies  here  and  abroad.  His  close  as- 
sociation with  Amherst  covers  a  span  of  forty-six  years  and 
the  administrations  of  six  presidents.  We  think  of  Mr.  Plimp- 
[88] 


ton  as  an  elder  statesman,  as,  in  fact,  the  elder  statesman  of 
the  College.  We  are  likely  to  forget  that  when  he  was  elected 
to  the  Board  in  1890,  he  was  the  youngest  member  of  the 
Board  and  only  thirty-five  years  old. 

D.  Willis  James  (1832-1904)  was  already  sixty  when  he 
was  elected  to  the  Board  the  year  after  Mr.  Plimpton.  He 
was  born  in  Liverpool,  England,  of  American  parents  and 
his  father  was  the  resident  English  partner  of  the  New  York 
firm  of  Phelps  Dodge  &  Co.  His  mother  was  the  daughter  of 
the  head  of  the  firm.  He  attended  school  in  England  and  for 
a  year  was  a  student  at  the  University  of  Edinburgh.  At  the 
age  of  seventeen  he  came  to  New  York  to  enter  the  employ 
of  Phelps  Dodge  &  Co.  and  in  five  years  was  himself  a  part- 
ner. He  was  a  pioneer  in  the  development  of  the  railroads  of 
Mexico  and  of  our  Southwest,  and  amassed  one  of  the  large 
fortunes  of  the  day.  He  was  closely  associated  with  the  senior 
J.  P.  Morgan  and  the  Morgan  banking  firm  in  many  under- 
takings. Unlike  most  of  his  colleagues  on  the  Amherst  Board, 
who  had  made  their  way  up  from  simple  backgrounds,  Mr. 
James  was  born  to  wealth  and  power.  He  was  a  deeply  reli- 
gious man,  who  regarded  his  wealth  as  a  trust,  and  through- 
out his  long  life  he  was  a  philanthropist  of  warm  heart  who 
gave  liberally,  and  often  anonymously,  to  a  wide  variety  of 
causes  and  institutions.  It  would  be  interesting  to  know  why 
he  chose  Amherst  for  the  education  of  his  only  son,  Arthur 
Curtiss  James  of  the  class  of  1889,  who  graduated  two  years 
before  his  father  was  elected  to  the  Board,  but,  unfortu- 
nately, we  have  no  clue  to  suggest  an  answer  as  we  have  in 
the  case  of  the  Pratt  brothers. 

Mr.  James  was  named  to  the  Finance  Committee  in  1892 
and  continued  on  the  committee  throughout  his  term  as  trus- 
tee. Sanf  ord  seems  to  have  been  a  bit  overawed  by  James  at 
first,  but  Whitcomb  promptly  came  to  know  him  and  they 
became  warm  friends.  And  later  Whitcomb  and  James  were 
associated  in  some  of  their  personal  business  investments. 

The  third  New  York  man  of  alfaus  to  join  the  Amherst 
Board  in  the  decade  of  the  nineties  was  Charles  Millard 
Pratt.  Pratt's  father,  Charles  Pratt  (1830-1891),  had  come 

[89] 


from  a  simple  background  in  New  England,  had  developed 
a  large  oil  business  under  the  name  of  Charles  Pratt  &  Co.  of 
New  York,  had  joined  the  elder  Rockefeller  as  a  partner  in 
the  Standard  Oil  Company  in  the  seventies,  and  for  a  num- 
ber of  years  presided  at  meetings  of  the  partners.  He  is  de- 
scribed by  his  contemporaries  as  a  man  of  great  concentra- 
tion and  self-restraint,  frugal  and  modest,  an  intense  worker, 
deeply  religious,  and,  curiously,  for  a  man  who  was  one  of 
the  recognized  leaders  in  the  greatest  business  enterprise  the 
world  has  ever  seen,  a  man  who  found  it  uncommonly  diffi- 
cult to  come  to  decisions.  He  married  twice,  and  had  six  sons 
and  two  daughters.  All  of  his  sons  he  sent  to  Amherst;  one 
daughter  married  an  Amherst  graduate.  Many  of  his  grand- 
sons attended  the  College,  and  some  of  his  great-grandsons. 
A  charming  picture  of  the  home  life  of  the  Pratt  family  in  the 
middle  seventies  of  the  last  century  is  contained  in  the  per- 
sonal boyhood  diary  of  his  son  Fred,  which  has  been  pri- 
vately printed.  Charles  Pratt,  with  little  formal  education, 
became  intensely  interested  in  the  problems  of  education. 
He  watched  new  developments  in  the  field  in  this  country, 
and  in  1889  he  traveled  widely  in  Europe,  visiting  twenty 
cities  in  England,  France,  Austria,  Germany,  Switzerland,  to 
observe  at  first  hand  what  was  being  done  abroad.  In  1887 
he  founded  Pratt  Institute  in  Brooklyn,  where  he  had  made 
his  home,  and  he  devoted  a  large  amount  of  his  time  to  the 
direction  of  its  affairs  until  his  death  four  years  later.  Pratt 
Institute  is  his  monument,  and  Founder's  Day  is  celebrated 
there  each  October. 

His  eldest  son,  Charles  Millard  Pratt  (1855-1935),  was 
born  in  Brooklyn,  and  prepared  for  college  at  Adelphi  Acad- 
emy. There  he  impressed  one  of  his  teachers,  William  C. 
Peckham,  who  was  a  graduate  of  Amherst  in  the  class  of 
1867.  Peckham  had  served  in  the  army  in  the  Civil  War, 
taught  at  Williston  Academy,  attended  lectures  at  Union 
Theological  Seminary,  and  had  been  licensed  to  preach.  In 
1871  he  had  joined  the  faculty  at  Adelphi,  where  he  was  to 
make  his  career.  Peckham  talked  to  Pratt's  father  and  per- 
suaded him,  as  he  had  already  persuaded  young  Charles, 
[90] 


that  Amherst  was  the  college  for  him  to  select.  He  took 
young  Pratt  and  his  classmate,  Henry  Clay  Folger,  to  Am- 
herst and  entered  them  both.  And  doubtless  he  introduced 
them  to  the  young  men  in  his  own  fraternity,  Alpha  Delta 
Phi.  Amherst  has  owed  a  great  deal  to  its  graduates  in  the 
preparatory  and  high  schools  who  have  brought  the  College 
to  the  attention  of  their  young  '^tudents.  But  in  no  other  case 
has  the  College  ultimately  received  such  princely  material 
benefits. 

Just  before  the  two  boys  were  to  begin  their  college  course, 
something  seems  to  have  occurred  which  turned  the  thoughts 
of  young  Pratt's  father  toward  Harvard,  and  he  wrote  his 
son  suggesting  that  he  consider  the  college  in  Cambridge. 
We  have  the  letter  written  by  young  Pratt  to  his  father  in  re- 
ply to  this  suggestion  a  few  weeks  before  the  opening  of  the 
college  year.  "  The  idea  of  entering  Harvard  has  been  farther 
from  my  mind,"  he  says,  "  than  of  any  other  college,  and  I 
had  thought  that  you  entertained  the  same  opinion  toward 
it  as  I  did.  Why  you  have  changed  your  views  I  cannot  im- 
agine unless  you  have  been  influenced  by  others. 

"  You  told  me  some  time  ago  that  I  could  do  as  I  wished 
respecting  my  choice  of  a  college,  and  I  have  done  so,  but 
you  shall  be  Prime  Minister  in  this  matter  and  my  choice 
need  not  be  considered  valid. 

"  In  considering  and  comparing  the  two  colleges,  H  and  A, 
I  can  see  but  very  few  things  in  which  H  excels  A  and  many 
in  which  A  excels  H.  To  be  able  to  say  at  the  end  of  my  col- 
lege course  that  I  was  a  graduate  of  Harvard  College  would 
be  pleasant  and  might  be  used  as  something  of  a  recom- 
mendation, but,  as  for  my  real  standing  I  believe  that  Am- 
herst will  do  as  much  for  me  as  Harvard,  in  fact  more. 

"At  H  a  man  is  ranked  almost  entirely  by  his  examina- 
tions. His  daily  presence  and  recitation  in  classroom  is  not 
strictly  required,  provided  he  passes  a  creditable  examina- 
tion at  the  end  of  6  mos.  and  of  the  yr.  At  A  it  is  not  so,  a 
man  must  be  in  his  place  every  day,  unless  he  has  a  suitable 
excuse  to  offer  for  not  being.  There  is,  I  think,  but  slight  dif- 
ference in  the  Curriculum  of  Study  between  the  two  col- 

[91] 


leges.  As  far  as  regards  the  social  relations,  I  prefer  the  stu- 
dents of  A  to  those  of  H. 

"  It  is  almost  a  common  practice  if  I  judge  aright  from  con- 
versing with  E.  W.  Roby  for  students  at  H  to  gamble  at 
poker,  smoke  and  drink.  Of  course  I  need  not,  but  it  is  quite 
likely  I  would. 

"  Harvard  is  no  doubt  a  place  where  a  man  can  mingle 
with  and  see  life  in  all  its  phases,  and  in  that  respect  sur- 
passes A.  If  one  can  mingle  with  students  of  all  degrees  of 
opulence,  morals,  and  success  in  study,  and,  after  four  years, 
come  out  untarnished,  it  might  be  better  for  him.  But  I  am 
perfectly  content  not  to  try  the  experiment. 

"  As  regards  the  situation  of  the  two  colleges,  I  much  pre- 
fer A  and  think  it  will  much  prefer  me,  that  is,  as  regards 
my  health." 

So  Charles  M.  Pratt  and  his  boyhood  friend,  Henry  C.  Fol- 
ger,  entered  Amherst  together  in  the  autumn  of  1875,  joined 
Alpha  Delta  Phi,  and  graduated  in  1879.  Folger  was  the  bet- 
ter student  and  was  elected  to  Phi  Beta  Kappa.  Folger  sang 
in  the  Glee  Club  and  in  the  Alpha  Delta  Phi  quartet.  In  his 
junior  year  the  Folger  family  suffered  financial  reverses  and 
young  Folger  made  plans  to  leave  college  and  go  to  work. 
But  Pratt's  father  provided  the  funds  which  enabled  him  to 
remain  in  college  and  complete  his  course.  Later  in  his  jun- 
ior year  Folger  won  a  first  prize  for  an  essay  on  Dickens  as  a 
Preacher,  the  prize  for  an  essay  on  Shakespeare  going  to  a 
classmate.  In  his  senior  year  he  won  first  prize  in  the  Hyde 
contest  with  an  address  on  Tennyson,  and  was  elected  Ivy 
Orator.  His  Ivy  address  was  entitled  The  Sovereignty  of  Sen- 
timent. Pratt  played  on  his  class  football  and  baseball  teams, 
was  gym  captain,  an  editor  of  The  Student,  president  of 
the  Musical  Association,  and  had  a  commencement  appoint- 
ment. His  address  was  entitled,  prophetically.  State  Preven- 
tive Medicine.  On  his  graduation,  Pratt  was  elected  class 
secretary  and  held  the  office  for  the  rest  of  his  active  life.  He 
kept  in  close  contact  with  classmates,  helped  many  of  them 
quietly,  and  published  every  five  years  the  class  book. 

On  graduating  from  college,  Pratt  went  directly  into  the 
[92] 


family  business  of  Charles  Pratt  &  Co.,  of  which  he  was 
made  president.  From  1882  to  1911  he  was  secretary,  treas- 
urer, and  a  director  of  the  Standard  Oil  Company.  From  1911 
until  his  illness  in  1921  and  his  complete  retirement  in  1923, 
he  was  in  charge  of  the  fortune  of  the  family,  director  of 
banks,  railways,  industrial  companies,  trustee  of  Amherst 
and  Vassar  Colleges  and  of  Pratt  Institute,  director  of  the 
Brooklyn  Bureau  of  Charities,  trustee  of  the  Brooklyn 
Y.M.C.A.  With  the  other  directors  of  the  New  Haven  Rail- 
road, he  was  indicted  for  attempting  to  create  a  monopoly 
of  transportation  in  New  England,  and  convicted.  Doubtless 
largely  from  worry  over  this  suit,  his  health  broke  and  his 
mind  failed,  and  he  was  forced  to  live  in  complete  retire- 
ment for  the  last  dozen  years  of  his  life. 

The  Pratt  family  fortune,  which  had  been  left  by  his  fa- 
ther, was  in  stock  of  the  old  Standard  Oil  Company.  At  that 
time.  Standard  Oil  was  not  publicly  held,  but  was  all  owned 
by  the  families  of  the  men  who  had  founded  the  company. 
His  father's  will  left  the  estate  in  trust  over  a  long  period  of 
time,  with  the  provision  that  only  modest  sums  should  be 
paid  to  the  living  heirs.  These  provisions  were  later  modified 
by  court  decree  on  the  ground  that  the  original  will  violated 
the  rule  against  perpetuities.  Pratt  as  manager  of  the  estate 
made  the  momentous  decision  to  keep  the  trust  fund  in- 
vested in  Standard  Oil.  As  a  result,  under  his  direction,  it 
became  one  of  the  great  fortunes  of  the  country.  The  estate 
is  still  only  partially  distributed. 

Pratt's  first  gift  to  Amherst  was  made  in  1883,  when  he 
gave  some  $35,000  to  the  College  toward  the  cost  of  Pratt 
Gymnasium,  the  first  Amherst  building,  as  President  Seelye 
pointed  out  with  pride,  given  to  the  College  by  an  alumnus. 
It  seems  altogether  likely  that  his  father  helped  him  to  make 
this  gift.  In  any  event,  the  gift  was  made  within  four  years 
after  Pratt  had  graduated,  and  the  voluminous  correspond- 
ence in  connection  with  the  gift  indicates  a  lively  interest  on 
the  part  of  the  father,  who  wrote  many  of  the  letters  in  long- 
hand to  Dr.  Hitchcock  and  President  Seelye.  Their  letters 
have  not  been  preserved. 

[93] 


While  the  Finance  Committee  after  1884  was  made  up  of 
Sanford,  Hyde,  and  Whitcomb,  and  after  1892  of  Sanford, 
James,  and  Whitcomb,  Whitcomb  was  the  active,  working 
member  of  the  committee.  He  was  forty-two  years  old  when 
he  was  elected  to  the  Board.  He  was  a  man  of  boundless  en- 
ergy, he  was  devoted  to  the  College  and  came  often  from 
Worcester  to  Amherst,  and  he  was  never  afraid  to  take  and 
to  exercise  responsibility.  His  correspondence  with  the  treas- 
urer was  voluminous,  and  was  mostly  in  longhand.  From 
1884  until  1907  he  was  the  dominant  man  in  determining  the 
investment  policy  of  the  College. 

The  year  1884,  when  Whitcomb  joined  the  Board,  had 
seen  a  sharp  financial  panic.  The  immediate  cause  had  been 
several  important  failures  involving  large  defalcations.  The 
panic  was  short  and  the  business  reaction  had  lasted  only  a 
year.  By  1887  the  country  was  enjoying  great  prosperity.  In 
1890  occurred  the  Baring  failure  in  London.  The  reaction  in 
this  country  was  slight.  The  boom  in  western  lands  was  at  its 
height,  and  railroad  mileage  continued  to  grow,  until  in  1893 
it  was  twice  what  it  was  in  1878. 

Meanwhile,  the  endowment  of  the  College  had  been  grow- 
ing steadily.  By  1892  the  endowment,  including  the  Charity 
Fund,  had  passed  $1,300,000.  It  had  grown  about  a  third  in 
the  decade  and  had  a  little  more  than  doubled  since  Austin 
Dickinson  took  office.  There  had  been  six  important  addi- 
tions to  the  permanent  funds  of  the  College  in  the  decade. 
The  two  largest,  of  $100,000  each,  were  the  gift  of  D.  Willis 
James.  In  1887  and  1889,  before  he  was  a  member  of  the 
Board  and  while  his  son  was  still  an  undergraduate,  he  es- 
tablished the  D.  Willis  James  Fund  of  $100,000,  the  income 
"  to  be  used  to  pay  professors  a  salary  commensurate  with 
always  securing  and  retaining  the  very  best  men  for  the  sev- 
eral chairs  rather  than  to  now  increase  the  number  of  pro- 
fessors." And  in  1891  James  gave  another  $100,000  to  estab- 
lish the  Seelye  Fund,  with  the  same  conditions  as  those 
attached  to  the  James  Fund.  This  gift  was  in  recognition  of 
the  distinguished  service  to  the  College  rendered  by  Presi- 
dent Seelye,  who  had  recently  retired  for  reasons  of  health. 
[94] 


In  1885  Henry  Winkley  of  Philadelphia  gave  the  College 
$50,000  in  cash  to  establish  the  Winkley  Professorship  of  His- 
tory and  Political  Economy,  later  changed  to  the  Winkley 
Professorship  of  History.  And  four  years  later,  on  Winkley's 
death,  the  College  received  his  generous  bequest  of  $30,000 
to  add  to  its  endowment.  The  use  of  the  income  was  unre- 
stricted. Henry  Winkley  (1804-1888)  was  born  on  a  farm  in 
Barrington,  New  Hampshire,  but  his  health  was  too  frail  in 
boyhood  to  permit  him  to  acquire  much  schooling.  When  he 
was  twenty-two  he  decided  to  seek  his  fortune  in  the  city. 
He  walked  the  ten  miles  to  Dover  and  took  the  stage  to  Bos- 
ton. A  week  later  he  had  a  position  with  a  dealer  in  china 
and  crockery.  Within  six  months  he  realized  that  his  em- 
ployer was  not  a  good  businessman,  and  he  promptly  re- 
signed and  went  on  to  New  York.  The  second  day  after  his 
arrival  in  New  York  he  secured  a  position  in  one  of  the  larg- 
est importing  houses.  Three  years  later  he  opened  a  store  of 
his  own  in  Philadelphia,  and  later  one  in  New  York.  His  busi- 
ness was  the  importation  and  wholesaling  of  crockery.  When 
he  was  forty-eight  he  retired  from  business,  to  gratify  his 
life's  ambition  to  travel  and  study  at  firsthand  the  religious, 
social,  and  political  institutions  of  Europe.  On  his  return  to 
the  United  States,  he  decided  to  devote  his  fortune  to  edu- 
cation and  selected  four  schools  and  colleges  "known  for 
their  Orthodox  principles  and  substantial  learning."  Amherst 
was  not  one  of  them.  In  1878  President  Seelye  wrote  him  to 
suggest  a  gift  to  Amherst,  and  Winkley  replied  that  he  ad- 
mired Amherst,  but  he  "  was  under  the  impression  that  Yale 
and  Amherst  Colleges  were  strong,  better  known  and  popu- 
lar with  the  public,  having  greater  facilities  in  obtaining 
contributions."  Unfortunately  for  us,  even  in  1878,  Yale  and 
Amherst  had  the  reputation  of  being  well-oflF. 

Early  in  1882  President  Seelye  enlisted  the  assistance  of  a 
young  Amherst  alumnus  less  than  six  years  out  of  college, 
named  George  Arthur  Plimpton.  Plimpton  bought  a  copy  of 
Tyler's  History  for  $3.00  and,  armed  with  this  and  a  state- 
ment of  the  needs  of  the  College  prepared  for  him  by  Presi- 
dent Seelye,  made  a  series  of  calls  on  Mr.  Winkley  in  Phila- 

[95] 


delpliia.  As  far  as  I  can  find,  this  is  the  first  of  Mr.  PHmpton's 
attempts  to  secure  a  large  gift  for  the  College.  After  three 
years,  Plimpton's  persuasive  efforts,  seconded  by  letters  from 
President  Seelye,  bore  fruit.  Henry  Winkley  made  a  gift  of 
$50,000  to  Amherst  to  found  the  Winkley  Professorship.  Pres- 
ident Seelye  then  sent  him  a  catalogue  and  asked  him  to 
choose  a  subject  for  the  professorship,  and  Winkley  selected 
history  and  political  economy.  Four  years  later,  on  Winkley's 
death,  his  will  contained  generous  bequests  to  four  colleges 
and  three  schools:  $30,000  to  Amherst,  $50,000  to  Wilhams, 
$20,000  to  Bowdoin,  $20,000  to  Dartmouth,  $20,000  to  Phil- 
lips Academy  at  Exeter,  $20,000  to  Phillips  Academy  at  An- 
dover,  and  $25,000  to  the  Theological  Seminary  at  Bangor, 
Maine.  Harvard  College  did  not  receive  a  bequest  in  his  will 
but  had  already  received  gifts  totaling  $100,000  during  his 
lifetime. 

In  1890  the  College  received  a  generous  gift  of  $50,000 
from  Frederic  Billings  of  Woodstock,  Vermont,  to  establish 
the  Parmly  Billings  Professorship  of  Hygiene  and  Physical 
Education,  in  memory  of  his  son  Parmly  who  had  graduated 
from  Amherst  in  the  class  of  1884.  Frederic  Billmgs  ( 1823- 
1890)  was  born  in  Vermont  and  graduated  from  the  Univer- 
sity of  Vermont  in  1844.  He  studied  law  and  began  practice 
in  Woodstock.  In  1849  he  went  to  California  in  the  gold  rush 
and  opened  a  law  ofiice  in  San  Francisco.  Here  he  not  only 
made  a  fortune,  but  he  was  active  in  civic  affairs,  and  was 
the  first  president  of  the  Board  of  Trustees  of  the  University 
of  California.  He  might  have  had  a  political  career  had  his 
health  not  failed.  He  returned  to  Woodstock,  but  later  be- 
came active  in  the  Northern  Pacific  Railroad  and  in  the  Nica- 
ragua Canal  Company.  The  city  of  Bilhngs,  Montana,  is 
named  for  him.  His  two  sons  came  to  Amherst.  Parmly 
(1863-1888)  transferred  to  Amherst  after  a  year  at  Williams, 
graduated  in  the  class  of  1884,  and  entered  the  banking  busi- 
ness in  Billings.  He  died  in  1888  at  the  age  of  twenty-five. 
His  father  had  already  made  two  gifts  to  the  College,  $5,000 
in  1884  and  $5,000  in  1887  toward  equipping  Pratt  Gym- 
nasium. He  had  intended  to  endow  a  professorship  in  Latin 
[96] 


in  memory  of  Parmly,  but,  finding  that  the  College  already 
had  a  Latin  chair,  he  changed  to  Physical  Education  because 
of  Pamily's  fondness  for  Dr.  Hitchcock.  And  he  made  the 
gift  in  his  lifetime,  anticipating  a  provision  he  had  inserted 
in  his  will. 

His  younger  son,  Richard  Billings,  graduated  in  the  class 
of  1897  and  later  gave  his  alma  mater  the  statue  of  Noah 
Webster  which  now  stands  north  of  Walker  Hall.  Richard,  or 
"  Josh  "  as  he  was  called  in  college,  I  remember  well  from  my 
undergraduate  days  when  he  used  to  return  as  a  young  alum- 
nus. After  the  death  of  Frederic  Billings,  his  widow  and  his 
son  Richard  made  frequent  gifts  to  the  College  toward  the 
support  of  Dr.  Hitchcock's  work  in  Physical  Education. 

In  1891  the  College  received  the  bequest  of  John  C.  New- 
ton of  Worcester  of  $54,000  to  found  the  John  C.  Newton 
Professorship  of  Greek  and  Lectureship  in  Sculpture,  later 
called  the  John  C.  Newton  Professorship  of  Greek.  John  C. 
Newton  (1810-1890)  was  bom  in  Hardwick,  Massachusetts, 
and  moved  to  Worcester  as  a  young  man.  He  was  a  mason 
by  trade  and  later  became  a  large  building  contractor.  His 
bequest  to  the  College  was  due  to  his  affection  and  respect 
for  Professor  Richard  Mather  of  our  faculty,  and  his  choice 
of  Greek  and  Sculpture  was  because  this  covered  the  work 
that  Professor  Mather  devoted  himself  to  with  great  success. 
The  endowment  was  reduced  in  1896  to  $47,384,  because  of 
losses  on  Northern  Pacific  stock  in  which  the  fund  was  in- 
vested. 

One  of  the  most  significant  gifts  to  come  to  the  College 
during  this  decade  was  from  Rufus  Bela  Kellogg  (1837- 
1891 )  of  the  class  of  1858.  Kellogg  we  have  already  discussed 
earlier  in  the  chapter  as  the  first  alumni  trustee  of  the  Col- 
lege; a  banker  in  Green  Bay,  Wisconsin,  who  suggested  the 
investment  of  a  limited  amount  of  college  funds  in  western 
mortgages  which  he  undertook  to  guarantee  both  as  to  prin- 
cipal and  interest.  In  1893  he  gave  the  College  ten  shares  of 
stock  of  the  First  National  Bank  of  Chicago,  taken  by  us  at 
a  value  of  $33,000,  to  support  the  Kellogg  Prizes  in  Public 
Speaking  and  to  establish  the  Kellogg  University  Fellow- 

[97] 


ship.  Kellogg  wrote  a  letter  to  his  friend  John  W.  Burgess 
of  the  class  of  1867,  who  had  been  a  professor  at  Amherst 
earlier  and  was  now  a  trustee  of  the  College  and  dean  of  the 
Faculties  of  Political  Science,  Philosophy,  Pure  Science,  and 
Fine  Arts  at  Columbia  University,  deploring  gifts  to  colleges 
in  which  the  donor  imposed  restrictions  which  later  involved 
the  college  in  problems  of  administration.  He  then  pro- 
ceeded to  impose  the  most  detailed  restrictions  on  his  gift. 
He  provided,  for  example,  that  the  Kellogg  Prize  Speaking 
Contest  "shall  be  held  on  Monday  evening  (at  the  usual 
hours )  of  Commencement  Week,  otherwise  this  gift  is  to  be 
forfeited."  When  the  College  changed  its  calendar  to  pro- 
vide for  week-end  commencements  years  later,  counsel  for 
the  College  had  to  negotiate  with  the  Kellogg  heirs  and  se- 
cure their  permission  to  hold  the  contests  on  another  night 
than  Monday.  And  if  the  heirs  had  not  generously  waived  this 
restriction,  the  College  would  doubtless  have  preferred  to  for- 
feit the  fund  rather  than  maintain  the  old  college  calen- 
dar for  commencement  indefinitely.  The  restrictions  on  the 
fellowship  were  more  complicated  and  caused  more  diffi- 
culty. 

Kellogg's  gift  of  a  fund  for  fellowships  was  a  far-sighted 
suggestion  on  his  part  which  may  have  been  the  result  of 
conversations  with  Burgess.  The  Kellogg  Fellowship  was 
among  the  earliest  established  in  this  country.  Its  main  pur- 
pose was  of  course  to  provide  a  stipend  to  enable  an  excel- 
lent student  of  limited  pecuniary  means  to  continue  his  stud- 
ies in  graduate  school  in  preparation  for  a  life  devoted  to 
scholarship.  Today  Amherst  is  uncommonly  well  provided 
with  funds  for  this  purpose,  which  have  been  given  to  the 
College  from  time  to  time  during  the  present  century  and 
which  enable  a  substantial  number  of  our  young  graduates 
to  continue  their  studies  in  universities  here  and  abroad. 
But  Kellogg  was  a  pioneer  in  this  field  which  has  proved  so 
fruitful.  The  restrictions  which  he  imposed  on  the  award  of 
the  fellowship,  however,  were  so  detailed  that  they  soon  be- 
came obsolete  under  the  changing  conditions  of  life  in  Amer- 
ica. It  became  almost  impossible  to  find  a  candidate,  how- 
[98] 


ever  impecunious  and  however  devoted  to  the  scholarly  life 
as  a  career,  who  would  undertake  to  accept  the  fellowship 
and  comply  with  the  conditions,  conditions  which  may  very 
well  have  been  reasonable  in  1893.  Early  in  President  Harris' 
administration  he  brought  the  matter  to  the  attention  of  the 
Board,  and  a  committee  of  trustees  was  appointed  to  en- 
deavor to  obtain  from  the  heirs  some  modifications  of  the 
terms.  The  minutes  do  not  indicate  any  formal  report  from 
the  committee  in  the  matter. 

The  problem  of  administering  the  fellowship  became  more 
difficult  as  the  years  passed,  and  was  brought  to  the  atten- 
tion of  the  Board  by  succeeding  presidents.  Counsel  for  the 
College  attempted  to  secure  from  the  heirs  a  consent  to  a 
modification  of  its  terms,  but  without  success.  When  I  be- 
came president  in  1932,  I  read  the  complete  file  in  the  mat- 
ter. Fortunately,  we  found  a  suitable  candidate  at  the  time, 
and  as  one  of  the  terms  of  the  fellowship  was  that  it  should 
be  held  for  seven  years,  the  matter  was  laid  on  the  table  dur- 
ing the  term  of  Philip  T.  Ives,  '32.  Later  I  took  the  matter  up 
myself  with  the  heirs  in  my  capacity  as  president  and  with- 
out the  participation  of  counsel,  and  in  1946  secured  their 
agreement  in  writing  to  the  modifications  which  I  had  sub- 
mitted to  them.  Two  of  the  heirs  were  under  twenty-one, 
and  the  matter  will  of  course  be  reopened  with  them  when 
they  reach  their  majority.  The  heirs  are  now  resident  in  Penn- 
sylvania, Virginia,  and  Florida. 

The  largest  bequest  the  College  received  in  this  period, 
and  one  of  the  largest  in  its  history,  was  the  bequest  under 
the  will  of  Daniel  Fayerweather  of  New  York.  Between  1892 
and  1917  the  College  received  from  the  Fayerweather  estate 
a  total  amount  of  $228,145  without  restrictions  of  any  kind. 
The  money  was  used  for  various  purposes,  including  the 
building  and  equipping  of  the  Fayerweather  Laboratory  of 
Physics  and  Chemistry,  now  the  Fayerweather  Laboratory  of 
Physics.  The  balance  of  the  fund  which  was  finally  set  up  as 
an  endowment  fund  is  small. 

Daniel  B.  Fayerweather  was  the  senior  partner  in  the  firm 
of  Fayerweather  and  Ladew,  the  largest  leather  dealers  in 

[99] 


the  country  at  the  time  and  perhaps  in  the  world.  Born  a 
poor  boy  in  New  England,  he  became  a  shoemaker  and  later 
a  peddler  in  Virginia.  He  often  took  hides  in  payment  for  the 
goods  he  sold  as  he  traveled  about  the  state,  and  decided  he 
would  become  a  dealer  in  leather.  When  he  had  saved 
enough  money  he  enrolled  in  a  boys'  boarding  school  in 
Connecticut,  where  the  other  students  were  seven  or  eight 
years  younger.  At  the  age  of  thirty-two  he  obtained  a  clerk- 
ship with  a  New  York  firm  of  leather  dealers  and  within  a 
year  was  admitted  to  the  firm  as  a  partner.  He  was  little 
known  in  New  York  except  in  the  leather  district,  at  the 
Manhattan  end  of  Brooklyn  Bridge,  where  he  gradually  be- 
came known  affectionately  as  "  Old  Dan."  And  no  one  real- 
ized that  he  had  become  a  very  wealthy  man.  In  1886  he  be- 
gan to  consider  what  disposition  he  should  ultimately  make 
of  his  fortune  by  will,  and  he  consulted  confidentially  with 
Dr.  Roswell  D.  Hitchcock,  president  of  Union  Theological 
Seminary.  Dr.  Hitchcock  had  graduated  from  Amherst  in  the 
class  of  1836  and  had  been  a  trustee  of  the  College  since 
1869.  Guided  by  Dr.  Hitchcock,  Fayerweather  made  his  will, 
by  which,  after  what  he  considered  suitable  provision  for  his 
family,  he  left  the  remainder  of  his  estate  to  a  score  of  col- 
leges in  amounts  ranging  from  $50,000  to  $300,000.  There 
were  no  restrictions  on  the  bequests  and  no  provision  for  the 
perpetuation  of  his  name. 

Legal  problems  developed  immediately  in  the  settlement 
of  the  estate  and  extended  over  many  years.  The  matter 
came  before  the  Board  in  1891,  in  1893,  and  in  1897.  In  1917 
Treasurer  Kidder  executed  a  receipt  in  behalf  of  the  College 
for  the  final  payment  of  the  College's  legacy.  The  correspond- 
ence in  the  files  of  the  College  is  voluminous,  but  of  little  in- 
terest to  us  today.  A  number  of  technical  points  of  law  were 
involved,  including  a  New  York  statute  limiting  the  propor- 
tion of  a  decedent's  estate  which  could  be  willed  to  charity. 
A  number  of  young  Amherst  alumni  who  were  members  of 
the  New  York  bar  wrote  requesting  appointment  as  counsel 
for  the  College.  Each  of  the  twenty  colleges  was  represented 
by  distinguished  counsel.  Amherst's  interests  were  handled 
[100] 


for  most  of  the  period  by  James  Lord  Bishop  of  the  class  of 
1865.  At  the  trial  of  the  issues,  the  colleges  whose  interests 
were  the  same  as  Amherst's  decided  on  a  young  graduate  of 
Hamilton  College  named  Elihu  Root  to  present  their  case. 
James  L.  Bishop  wrote  a  letter  to  the  treasurer  asking  his  ap- 
proval and  saying  that  in  the  judgment  of  counsel  involved 
Root  was  the  ablest  young  man  at  the  New  York  bar  and 
quite  able  to  meet  Joseph  H.  Choate,  who  would  represent 
the  other  side.  The  Amherst  treasurer  appears  to  have  ac- 
cepted Mr.  Bishop's  recommendation. 

When  President  Charles  W.  Cole  was  a  professor  on  the 
Amherst  faculty,  he  occupied  an  office  in  Fayerweather;  when 
he  accepted  an  appointment  as  professor  at  Columbia  Uni- 
versity, he  was  assigned  an  office  in  Columbia's  Fayerweather 
Hall.  Columbia  had  named  the  Hall  for  Fayerweather  when 
it  was  built;  Amherst  had  not  been  so  appreciative  in  recog- 
nition of  this  unknown  but  generous  donor.  The  Amherst 
building  was  known  simply  as  the  Chemistry  and  Physics 
Laboratories  until  1930.  I  then  asked  the  Amherst  Board  to 
attach  Fayerweather's  name  to  the  building  and  to  place  a 
bronze  plaque  at  the  entrance  to  give  this  belated  recogni- 
tion to  one  of  the  College's  most  generous  benefactors. 

One  of  the  difficult  problems  handled  by  Whitcomb  for 
the  Finance  Committee  in  his  early  days  as  a  trustee  resulted 
from  the  will  of  Samuel  Williston.  Mr.  Williston  died  in  1874. 
His  will,  executed  the  previous  year,  left  specffic  bequests  of 
over  $700,000,  with  the  residue  to  Amherst  College.  While 
Mr.  Williston  had  been  extraordinarily  successful  as  a  busi- 
nessman and  had  accumulated  perhaps  the  largest  fortune  of 
his  day  in  western  Massachusetts,  his  final  business  venture, 
the  erection  of  a  large  thread  mill  in  Easthampton  to  com- 
pete with  one  of  the  old  thread  manufacturers  of  England, 
had  been  unsuccessful.  And  as  a  result,  his  fortune  was  much 
reduced  in  the  final  years  of  his  life.  The  College  received  ti- 
tle to  this  mill  in  the  settlement  of  the  estate,  and  received 
nothing  more.  After  prolonged  negotiation  the  College  was 
able  to  sell  the  mill  for  some  $103,000  to  one  Albert  Abbott, 
taking  $3,000  in  cash  and  five  serial  notes  of  $20,000  each. 

[101] 


The  first  note  was  paid  at  maturity;  then  Abbott  failed.  Whit- 
comb  took  over  the  problem  for  the  College,  and  his  long- 
hand letters  to  the  treasurer  of  Amherst  tell  something  of  his 
difiBculties  in  realizing  on  the  remaining  notes  which  were 
secured  by  mortgage  on  the  mill.  Finally,  in  1888  Whitcomb 
was  able  to  sell  the  remaining  $80,000  notes  and  mortgage 
for  $5,000.  His  letters  show  his  profound  disappointment,  as 
he  had  expected  to  obtain  at  least  $10,000.  Doubtless,  with 
his  experience  as  a  manufacturer  and  his  natural  instincts 
as  a  trader,  he  secured  for  the  College  all  that  could  have 
been  salvaged.  The  $28,000  realized  from  the  Williston  es- 
tate was  added  to  the  Williston  Contingent  Fund  which  Mr. 
Williston  had  established  in  1872  by  the  gift  of  $50,000, 
bringing  the  fund  up  to  about  $78,000. 

The  endowment  of  the  College,  as  we  have  seen,  had  been 
growing  steadily.  By  1892  the  endowment,  including  the 
Charity  Fund,  had  passed  $1,300,000.  The  distribution  of  the 
investments  had  shifted,  and  this  was  due  both  to  changes  in 
the  investment  market  and  to  the  influence  of  the  new  men, 
particularly  Whitcomb,  on  the  Finance  Committee.  The  larg- 
est classification  was  Notes  Receivable  at  37%.  Bonds  and 
Notes  Receivable  contained  four  large  items  which  together 
made  up  two-thirds  of  the  total  of  $452,000.  The  largest  were 
the  notes  of  John  C.  and  L.  D.  Hammond  of  about  $170,000; 
followed  in  order  by  a  temporary  investment  made  by  Whit- 
comb in  the  $40,000  note  of  the  Western  Construction  Co., 
the  McGraw  note  of  $50,000  which  was  still  carried  as  an  as- 
set, and  the  serial  notes  of  R.  H.  Stearns  &  Co.  of  Boston  of 
$37,000  covering  the  cost  of  construction  of  their  new  store 
and  secured  by  mortgages  on  the  leaseholds.  These  notes 
were  signed  by  R.  H.  Stearns  and  were  arranged  and  passed 
on  by  Henry  Hyde.  The  earlier  notes  were  paid  at  maturity; 
the  later  ones  were  anticipated.  Frank  W.  Stearns  was  at  this 
time  a  young  man  in  the  store,  not  long  out  of  Amherst  Col- 
lege. Later,  two  presidents  of  R.  H.  Stearns  &  Co.  were 
members  of  the  Amherst  Board,  for  a  total  of  nearly  thirty 
years. 

New  types  of  securities  begin  to  appear  in  the  1892  port- 
[102] 


folio.  Five  street  railway  items,  totaling  $26,000  par  value  of 
bonds,  were  now  on  the  college  list;  New  York  &  New  Jersey 
Telephone  Co.  bonds,  New  England  Telephone  Co.  stock, 
Erie  Tel.  &  Tel.  stock,  and  Western  Union  Tel.  Co.  stock. 
The  list  of  bank  stocks  had  increased  from  nine  banks  to 
nineteen,  all  in  Massachusetts.  The  common  stocks  of  New 
England  textile  manufacturing  companies  had  decreased  by 
25%.  The  bonds  of  Virginia  had  decreased  from  nearly  $30,- 
000  to  $18,000,  the  Tennessee  bonds  were  lower,  and  Mas- 
sachusetts bonds  appeared  for  the  first  time.  The  College  had 
also  bought  a  number  of  debenture  bonds,  nearly  $45,000  of 
the  Equitable  Mortgage  Co.  and  $15,000  of  the  Davidson  In- 
vestment Co. 

The  trial  balance  of  1892  shows  cash  on  hand  of  $35,798, 
and  a  "  New  Gymnasium  Debt  "  of  $30,268.95.  There  is  also 
a  Profit  &  Loss  item  on  the  wrong  side  of  the  ledger  of 
$5,561.79.  The  debt  on  the  New  Gymnasium  was  due  to  the 
fact  that  the  building  and  equipment  built  in  1883  cost  some 
$30,000  more  than  the  gift  of  Mr.  Pratt  of  some  $35,000.  The 
College  also  had  outstanding  $50,000  on  Notes  Payable.  This 
was  doubtless  two  loans  made  at  the  Amherst  Savings  Bank 
in  1889  and  1891.  The  bank  charged  the  College  4^%. 

In  1887  the  New  York  alumni  sent  a  communication  to  the 
Board  asking  that  an  annual  statement  of  the  finances  of  the 
College  be  given  to  the  alumni.  The  matter  was  referred  to 
the  next  meeting  of  the  Board,  and  was  then  referred  to  the 
Finance  Committee  with  power.  I  do  not  find  that  the  Fi- 
nance Committee  took  any  aflBrmative  action  at  the  time. 
This  of  course  was  long  before  the  alumni  of  the  College 
were  being  asked  for  funds  to  support  the  College.  Gifts 
were  being  sought  constantly,  but  only  from  the  wealthy  or 
well-to-do  members  of  the  alumni  body. 

Treasurer  Dickinson  had  begun  his  service  to  the  College 
in  the  early  days  of  the  panic  of  1873.  Now,  nearing  the  age 
of  sixty-five,  he  was  faced  with  the  panic  of  1893.  The  first 
warning  of  impending  disaster  had  been  the  Baring  failure 
in  London  in  1890.  But  the  land  boom  had  continued  until 
in  1893  the  crash  came  with  the  failure  of  the  Philadelphia 

[103] 


and  Reading  and  the  Erie  Railroads.  Specie  payments  were 
practically  suspended  by  the  banks,  six  hundred  banks  failed, 
and  the  commercial  failures  were  three  times  what  they  had 
been  in  1873.  A  long  depression  followed,  as  it  had  in  1837 
and  again  in  1873.  It  was  not  until  1897  that  marked  business 
improvement  set  in,  to  be  followed  by  a  long  period  of 
prosperity. 

The  treasurer  did  not  survive  the  depression.  In  August 
1895  William  Austin  Dickinson  died,  after  serving  the  Col- 
lege for  twenty-two  years  as  its  treasurer.  "  His  career,"  says 
George  Whicher,  "  though  closely  patterned  after  the  pater- 
nal model,  never  brought  him  into  the  thick  of  life  or  called 
out  all  his  capacities."  His  father's  activities  had  brought  him 
into  contact  with  the  men  who  were  leaders  in  state  and  na- 
tion. Austin  remained  at  home,  was  town  moderator,  trustee 
of  the  Savings  Bank  for  nearly  thirty  years,  treasurer  of  the 
College,  a  useful  and  respected  citizen.  He  planted  the  trees 
on  the  town  common,  planted  the  college  grove,  was  sensi- 
tive to  the  aesthetic  side  of  life.  And  he  permitted  himself 
more  personal  eccentricities  than  is  usual  with  a  college 
treasurer,  from  the  yellow  hunting  coat  he  wore  as  a  young 
man,  to  the  green  wig  he  affected  in  his  later  years.  His  term 
of  service  with  the  College  covered  the  last  years  of  Presi- 
dent Stearns'  administration,  all  of  President  Seelye's,  and 
the  first  half  of  President  Gates'.  Because  of  Gates'  inepti- 
tudes as  an  administrator,  Austin  Dickinson's  duties  as  treas- 
urer were  much  enlarged  during  the  final  years  of  his  term. 
But  as  he  grew  older,  he  hated  to  leave  Amherst  even  for 
a  brief  trip.  The  correspondence  indicates  that  Whitcomb, 
the  busy  manufacturer  and  member  of  the  Finance  Commit- 
tee, would  frequently  make  the  trip  from  Worcester  to  Am- 
herst, but  there  is  no  reference  to  Dickinson's  traveling  to 
Worcester  for  consultation.  Dickinson's  annual  reports  to  the 
Board  are  a  model  of  clear  statement  and  show  a  careful  and 
balanced  judgment  in  financial  matters,  but  his  handwriting 
was  poorer  than  average.  His  relations  with  most  of  the 
members  of  the  Finance  Committee  were  formal  and  oflBcial; 
only  John  Sanford  of  Taunton  was  on  such  a  basis  of  per- 
[104] 


sonal  intimacy  that  first  names  were  used  in  correspondence 
and  greetings  were  extended  to  Mrs.  Dickinson.  He  was  a 
good  treasurer,  and,  happily  for  him,  he  did  not  hve  to  learn 
that  his  confidence  had  been  grossly  betrayed  by  one  of  his 
most  trusted  subordinates. 


[105] 


Chapter  Six 

G.  HENRY  WHITCOMB,  Treasurer  1895-1898 
JOSEPH  W.  FAIRBANKS,  Treasurer  1898-1903 
WALTER  M.   HOWLAND,  Treasurer  1903-1909 

The  year  1895  is  remembered  today  by  our  alumni  be- 
cause in  that  year  the  College  graduated  two  of  its  most  dis- 
tinguished sons,  Calvin  Coolidge  and  Dwight  W.  Morrow. 
Both  later  became  trustees,  as  did  two  of  their  classmates, 
Herbert  L.  Pratt  and  Lucius  R.  Eastman.  But  the  year  1895 
had  a  quite  different  significance  for  the  men  who  were  then 
trustees.  There  was  grave  difficulty  with  the  president,  who 
had  lost  the  confidence  of  the  undergraduates  and  of  many 
of  the  faculty.  And  there  was  serious  trouble  in  the  treasur- 
er's office. 

The  Finance  Committee  consisted  of  Messrs.  Sanford, 
Whitcomb,  and  James,  with  the  president  an  ex  officio  mem- 
ber. Sanford  had  been  a  member  of  the  committee  for  nearly 
twenty  years,  Whitcomb  for  ten  years,  and  James  for  three 
years.  It  was  an  unusually  strong  committee,  and  it  contin- 
ued unchanged  in  make-up  until  James'  death  in  1904,  when 
he  was  succeeded  by  Charles  M.  Pratt.  Each  member  of  the 
committee  was  a  man  of  sound  and  independent  judgment, 
of  long  experience  in  financial  matters;  and  each  was  fearless 
in  the  discharge  of  his  duty  as  a  trustee. 

The  College  was  facing  a  serious  deficit  from  operations, 
and  the  death  of  the  treasurer  made  it  imperative  that  a  fi- 
nancial officer  be  appointed  at  once  in  his  place.  At  a  special 
meeting  of  the  Board  in  September,  Whitcomb  was  unani- 
mously elected  to  the  vacancy  to  hold  office  until  December 
1st.  Although  Whitcomb  was  already  fully  occupied  with  his 
personal  business  responsibilities  and  his  trusteeships  of 
[106] 


charitable  institutions,  he  accepted  the  temporary  appoint- 
ment, and  began  coming  to  Amherst  from  Worcester  by 
train  once  or  twice  a  week.  He  was  unable  to  divest  himself 
of  the  office  he  had  assumed  until  three  years  later,  in  1898. 

An  immediate  and  thorough  audit  of  the  college  books  of 
account  led  to  the  discovery  of  a  serious  defalcation  by  a 
trusted  employee  in  the  office  of  the  late  treasurer.  The  de- 
faulter was  Edward  Baxter  Marsh,  a  graduate  of  the  College 
in  the  class  of  1876;  and  he  had  used  college  funds  to  specu- 
late in  stocks.  Though  no  one  questioned  the  personal  integ- 
rity of  Treasurer  Dickinson,  the  Board  felt  that  his  laxity  in 
the  administration  of  his  office  made  him  subject  to  serious 
criticism.  It  now  became  Whitcomb's  responsibility  to  secure 
restitution  and  to  determine  whether  the  College  should 
bring  criminal  charges.  Whitcomb  spent  many  evenings  in 
Amherst  trying  to  work  out  plans  for  restitution  while  still 
protecting  Austin  Dickinson's  reputation  for  personal  integ- 
rity. Mrs.  Dickinson  was  of  course  deeply  distressed.  Henry 
P.  Field,  '80,  of  Northampton  represented  Mrs.  Dickinson. 
The  matter  was  kept  entirely  secret  and  I  find  no  reference 
to  it  in  the  files  of  the  College  or  in  the  official  records  of  the 
Board.  I  have,  however,  seen  a  holograph  letter  dated  No- 
vember 16,  1908  from  D.  W.  Palmer  of  Amherst,  onetime 
owner  of  the  Palmer  Block,  to  Mrs.  Dickinson,  reciting  that 
he  has  settled  the  matter  involving  Mr.  Dickinson  and  his  es- 
tate, the  defaulter,  the  College,  and  the  bank,  and  asking 
Mrs.  Dickinson  to  pay  him  his  expenses,  amounting  to  fifty 
dollars.  Mrs.  Dickinson  paid  in  three  installments.  The 
amount  of  the  defalcation,  according  to  Palmer's  letter,  was 
$5,500.  The  defaulter,  who,  by  the  way,  had  studied  theol- 
ogy after  graduating  from  Amherst  and  had  also  served  as  an 
instructor  on  the  Amherst  faculty  for  two  years,  left  town 
and  accepted  a  clerkship  in  Boston. 

Whitcomb  quickly  tightened  up  the  administration  of  the 
treasurer's  office.  Dickinson  had  been  lax  in  collecting  term 
bills  from  students,  and  although  the  College  was  operating 
with  a  deficit,  there  was  a  large  amount  of  money  due  from 
students  both  past  and  present.  Whitcomb  took  the  position 

[107] 


that  no  student  was  in  good  standing  until  his  term  bill  was 
paid  or  arrangements  made  with  the  treasurer's  office  for  de- 
ferred payments.  This  of  course  made  him  temporarily  un- 
popular with  the  students,  who  had  become  as  casual  in 
meeting  their  obligations  to  the  College  as  the  treasurer's  of- 
fice had  allowed.  But  the  policy  instituted  by  Whitcomb  has 
been  continued  ever  since. 

The  details  of  the  office  Whitcomb  put  in  charge  of 
Charles  R.  Fay,  who  was  assistant  registrar  of  the  College 
from  1896  to  1900.  Fay,  familiarly  known  as  "  Fatty,"  had 
graduated  from  the  College  in  the  class  of  1890.  Later  he  be- 
came a  leading  teacher  on  the  staff  of  Erasmus  Hall  High 
School  in  Brooklyn.  The  college  securities  were  kept  in  Bos- 
ton in  the  vaults  of  a  trust  company,  and  periodically  Whit- 
comb went  to  Boston  to  cut  the  coupons.  He  was  often 
accompanied  by  a  son  or  daughter,  who  was  rewarded  for  as- 
sistance in  cutting  coupons  by  a  lunch  at  Parker's  or  Young's, 
Securities  were  bought  and  sold  by  the  treasurer  on  his  own 
responsibility,  and  the  Finance  Committee  was  merely  a  rati- 
fying body.  Whitcomb,  however,  kept  closely  in  touch  with 
Sanford  and  James,  his  associates  on  the  committee,  with 
both  of  whom  his  relations  were  close.  Whitcomb  and  James 
were,  in  fact,  associated  in  certain  business  ventures  of  their 
own,  particularly  in  the  acquisition  of  large  tracts  of  real  es- 
tate in  Seattle. 

While  the  purchase  and  sale  of  individual  securities  was 
handled  on  the  treasurer's  responsibility,  there  were  vigor- 
ous discussions  of  investment  policy  both  in  the  committee 
and  with  other  members  of  the  Board.  Whitcomb,  supported 
by  James  and  Sanford,  took  the  position  that  the  College 
must  obtain  a  larger  income  from  its  endowment  or  else  re- 
duce its  teaching  staff.  They  advocated  the  purchase  of  rail- 
way and  public  utility  bonds,  and  specffically  the  bonds  of 
street  railways  which  were  then  being  built  throughout  the 
country.  Such  investments  then  paid  from  5%  to  6/2%.  Pratt 
was  insistent  that  the  College's  endowment  consisted  of  trust 
funds  and  that  therefore  the  only  proper  investment  was 
U.S.  Governments,  yielding  at  the  time  about  2%.  Whitcomb, 
[108] 


James,  and  Sanford  stood  firm  and  the  Board  supported 
them.  Some  losses  occurred  later  as  street  railways  declined. 
But  the  increased  income  brought  the  budget  into  balance, 
and  the  losses  were  small.  Plimpton,  who  was  outside  of  the 
controversy,  as  he  was  oflF  the  Board  from  1895  to  1900,  used 
to  say  in  later  life  that  Whitcomb's  policy  kept  the  College 
from  going  into  a  decline. 

Whitcomb  was  at  the  time  one  of  the  largest  bond  buyers 
in  New  England;  he  bought  for  himself,  for  the  College,  for 
two  large  missionary  societies,  and  he  was  regarded  as  a 
shrewd  judge  of  investments  and  a  close  buyer.  When  the 
two  months  for  which  Whitcomb  had  accepted  the  treas- 
urership  had  extended  to  three  years,  Whitcomb,  who  was 
now  engaged  in  putting  together  the  United  States  Envelope 
Company,  advised  the  Board  that  he  could  no  longer  con- 
tinue as  treasurer  of  the  College,  and  the  Board  said  in  ef- 
fect that  they  would  elect  his  nominee  to  succeed  him.  Whit- 
comb's resignation  became  effective  on  February  1,  1898  and 
the  Board  elected  Joseph  W.  Fairbanks  to  be  the  fifth  treas- 
urer of  the  College. 

Meanwhile,  the  diflSculties  of  President  Gates  had  reached 
a  point  where  his  continuance  in  office  had  become  impossi- 
ble. These  difficulties  were  of  the  president's  own  making 
and  had  nothing  to  do  with  the  treasurer's  office.  A  month 
after  Fairbanks  took  office  as  treasurer,  a  special  meeting  of 
the  Board  was  held  and  the  president  asked  for  and  was 
granted  an  immediate  leave  of  absence  for  reasons  of  health. 
He  and  his  family  promptly  left  for  England  without  waiting 
for  commencement  and  the  end  of  the  college  year.  At  the 
commencement  meeting  of  the  Board  in  1898,  the  president's 
resignation,  written  in  Cambridge,  England,  was  presented 
and  accepted,  to  take  effect  a  year  later  at  the  conclusion  of 
his  leave  of  absence.  The  College  now  had  a  new  treasurer, 
and  the  duties  of  the  president  were  distributed  between 
Professors  Hitchcock,  Olds,  and  Tyler,  who  were  known  as 
the  Triumvirate.  A  year  later  George  Harris  took  office  as 
president  and  the  College  entered  on  an  era  of  good  feeling 
after  the  stormy  days  of  the  Gates  administration. 

[109] 


Joseph  Whitcomb  Fairbanks  (1841-1903)  was  bom  in 
Ashburnham,  Massachusetts,  graduated  from  Amherst  in  the 
class  of  1866,  taught  school  in  Worcester,  at  Williston  Semi- 
nary, and,  after  a  few  years  in  business  in  St.  Paul,  became 
principal  of  Smith  Academy  in  St.  Louis.  He  was  fifty-seven 
years  old  when  he  became  treasurer,  and  served  five  years, 
till  his  death  in  1903.  He  was  easy-going,  though  sometimes 
irascible,  and  was  fully  entitled  to  the  sobriquet  of  "  Fatty  " 
as  he  was  dubbed  by  the  students.  The  only  contact  I  re- 
member having  with  him  during  my  undergraduate  days  was 
a  formal  note  which  I  received  a  couple  of  days  before  my 
graduation  informing  me  that  I  would  not  be  allowed  to 
graduate  unless  I  paid  my  debt  to  the  College,  viz.,  five 
cents  for  a  library  fine.  I  paid. 

In  1900,  during  Fairbanks'  administration  of  the  ofiice,  a 
young  man  was  added  to  the  staff  with  the  title  of  assistant 
treasurer,  who  was  destined  to  remain  as  a  financial  officer  of 
the  College  for  a  third  of  a  century,  until  his  death  in  1933. 
His  name  was  Harry  Welton  Kidder  of  the  class  of  1897. 
Kidder  was  born  in  Northampton,  prepared  for  college  at 
the  Northampton  High  School,  and  after  graduation  from 
college  was  for  one  year  a  student  of  theology  at  Yale  Di- 
vinity School  and  for  the  two  following  years  a  bookkeeper 
in  the  Northampton  National  Bank.  Thereafter  his  life  was 
spent  on  the  finances  and  accounts  of  the  College. 

In  1903,  on  the  death  of  Treasurer  Fairbanks,  the  Board 
elected  as  his  successor  Walter  Morton  Howland.  Howland 
(1840-1911)  was  born  in  Conway,  Massachusetts,  prepared 
at  Williston  Seminary,  graduated  from  Amherst  in  the  class 
of  1863,  and  was  a  practicing  lawyer  in  Chicago  from  1869  to 
1902.  He  was  an  alumni  trustee  of  the  College  from  1895  to 
1905.  When  he  accepted  the  office  of  treasurer  he  had  retired 
from  practice,  and  bought  the  Parnell  Munson  house  in 
South  Amherst,  where  he  lived  until  his  death.  As  a  lawyer 
he  had  had  long  experience  in  the  management  of  trust  es- 
tates, he  was  of  course  on  intimate  terms  with  his  colleagues 
on  the  Board,  he  was  gentle,  humorous  and  poetic,  and  un- 
commonly careful  in  the  expenditure  of  money.  Unhappily, 
[110] 


his  mind  began  to  fail  and  he  resigned  his  ofiBce  in  1909  after 
only  six  years  of  service.  The  details  of  his  ofiBce  he  left 
largely  to  Kidder.  And  on  his  resignation  the  Board  elected 
Kidder  to  succeed  him.  The  College  thus  had  had  three  treas- 
urers in  fourteen  years. 

While  treasurers  changed,  the  investment  policy  of  the 
College  continued  as  before.  Whitcomb  and  Sanford  re- 
mained on  the  Finance  Committee,  and  in  1904,  on  the  death 
of  D.  Willis  James,  Charles  M.  Pratt,  who  had  been  a  mem- 
ber of  the  Board  since  1897,  succeeded  him.  Whitcomb  was 
now  in  his  sixties,  he  had  been  a  member  of  the  Board  for 
twenty  years  and  of  the  Finance  Committee  for  the  same 
length  of  time.  He  knew  more  about  the  finances  of  the  Col- 
lege than  any  other  person.  His  three  sons  had  graduated 
from  the  College.  He  was  wealthy;  the  United  States  Enve- 
lope Company  which  he  had  formed  was  developing  suc- 
cessfully; and  he  lived  only  fifty  miles  from  the  College. 
Pratt  was  some  fifteen  years  younger.  He  took  seriously  his 
responsibilities  as  a  trustee.  He  criticised  the  form  of  the 
Treasurer's  Report  as  submitted  to  the  Board.  Whitcomb 
countered  by  asking  Pratt  to  submit  a  form  for  the  Treasur- 
er's Report  which  would  meet  Pratt's  criticism  and  would 
more  intelligently  and  accurately  indicate  to  the  Board  the 
financial  results  of  the  College's  operations. 

Pratt  sent  his  own  auditor,  Mr.  Isaac  E.  Hasbrouk  of  New 
York,  to  Amherst  to  make  a  comprehensive  study  of  the  col- 
lege accounts.  Hasbrouk  made  a  ten-page  typewritten  report 
which  Pratt  sent  on  to  Whitcomb  with  a  covering  letter  of 
four  typewritten  pages  dated  March  6,  1903.  Hasbrouk 
pointed  out  that  in  the  previous  year  the  College  had  shown 
a  surplus  of  $12,975,  although  the  Treasurer's  Report  (Treas- 
urer Fairbanks)  reported  a  loss  of  $2,479.  The  New  York 
auditor  called  attention  also  to  the  fact  that  "  while  the  dor- 
mitories were  operated  at  a  profit,  the  result  was  that  no  such 
profit  was  allowed  to  appear  as  an  asset  of  any  kind."  "  Fur- 
thermore," continued  Hasbrouk  with  the  directness  which 
characterizes  auditors,  "  if  profits  were  made  on  the  buying 
or  selling  of  securities,  they  do  not  appear  as  a  direct  in- 

[111] 


crease  in  assets  but  were  used  to  reduce  the  values  of  securi- 
ties on  hand." 

Among  other  criticisms,  Hasbrouk  observes  that  Notes  Re- 
ceivable and  Notes  Payable  include  an  item  of  $30,860.36, 
which  is  the  remainder  of  a  note  given  to  the  Corporation  by 
the  then  treasurer  for  $38,693.81,  and  that  this  is  carried  as 
an  asset  under  the  heading  of  "  Dormitories,  Renovations." 
"  If  the  present  practice  is  continued,"  he  adds,  "  in  the 
course  of  ten  or  twenty  years  a  meaningless  item  will  have 
disappeared  from  the  assets  and  liabilities  by  a  meaningless 
process." 

The  Hasbrouk  report  has  a  familiar  ring  to  us  who  were 
later  on  the  Board.  Twenty  years  later  Dwight  Morrow  sent 
the  auditor  of  J.  P.  Morgan  &  Company  to  Amherst  to  ex- 
amine the  books.  Kidder  kept  the  college  books  from  1900 
on.  His  accounting  methods  were  criticised  by  auditors  for 
thirty  years,  though  no  one  questioned  his  integrity.  But  no 
auditor,  no  Finance  Committee  was  able  to  change  Kidder's 
informal  methods  of  keeping  the  college  accounts.  Kidder 
read  the  reports,  listened  to  the  comments  of  Finance  Com- 
mittees, and  went  on  in  his  accustomed  ways.  Finance  Com- 
mittees finally  had  to  recognize  the  implicit  situation  which 
confronted  them;  their  only  adequate  recourse  was  to  re- 
move Kidder,  and  he  was  too  useful  to  be  removed.  He  did 
an  amazing  amount  of  work,  he  was  underpaid,  he  was  hon- 
est, and  he  was  stubborn.  To  have  proper  accounts  would 
have  cost  the  College  a  substantial  increase  in  the  budget  of 
the  treasurer's  office,  and  this  would  necessarily  have  re- 
duced the  budget  for  the  educational  side  of  the  College.  It 
was  not  until  1932  that  the  accounting  practice  of  the  Col- 
lege was  overhauled  throughout,  and  a  proper  set  of  ac- 
counting books  opened  with  proper  control  of  account- 
ing practice.  By  that  time  the  large  increase  in  the  college 
endowment,  the  Folger  Fund,  and  other  factors  made  im- 
perative a  change  in  the  treasurer's  office  and  a  new  treas- 
urer. 

We  must  now  examine  the  college  portfolio  in  this  decade. 
Here  is  the  comparative  statement  in  summary: 
[112] 


1875  Total,  excluding  Charity  Fund  $    584,845 

1882  Total,  excluding  Charity  Fund  913,331 

1892  Total,  excluding  Charity  Fund  1,225,184 

1903  Total,  excluding  Charity  Fund  1,671,066 

The  endowment  has  shown  an  increase  in  the  decade  of 
nearly  half  a  million  dollars,  or  36%.  The  increase  in  the  pre- 
ceding decade  was  33%.  The  two  largest  additions  to  the  per- 
manent funds  of  the  College  in  the  decade  were: 

190 J  Endowment  Fund  of  $100,000  given  by  more  than  a 
score  of  alumni  and  one  non-alumnus.  D.  Willis  James  gave 
one-half,  $50,000.  Charles  M.  Pratt  gave  $25,000.  John  W. 
Simpson  gave  $5,000.  There  were  eight  gifts  of  $1,000  and  the 
rest  were  smaller.  The  income  was  to  be  used  for  professors' 
salaries. 

Special  Endowment  Fund  No.  2.  $65,000.  Established  in 
1901  and  increased  in  1902  by  William  H.  Moore,  71,  of  New 
York.  The  income  from  $40,000  to  be  devoted  to  the  salaries  of 
associate  professors  and  instructors,  and  the  income  from  $25,- 
000  to  be  used  for  scholarships.  Mr.  Moore  (1848-1923)  was  a 
practicing  lawyer  in  Chicago,  promoted  the  Diamond  Match 
Company  and  the  American  Tin  Plate  Company,  made  a  large 
fortune,  and  was  a  director  of  numerous  corporations.  Six 
years  after  his  death  his  widow  and  two  sons  gave  the  College 
the  Moore  Laboratory  of  Chemistry  in  his  memory,  together 
with  an  endowment  of  $250,000  for  the  building. 

In  addition,  the  College  received  in  1898  a  generous  be- 
quest amounting  to  $46,000  under  the  will  of  Amos  R.  Eno 
of  New  York,  without  restrictions  as  to  the  use  of  principal 
or  income.  Mr.  Eno  (1810-1898)  was  born  in  Simsbury, 
Connecticut,  and  had  only  a  common  school  education.  After 
a  short  apprenticeship  in  dry  goods  houses  he  went  to  New 
York  at  the  age  of  twenty-three  and  with  his  cousin  founded 
the  firm  of  Eno  and  Phillips,  which  became  a  leading  dry 
goods  firm.  In  1850  the  firm  was  dissolved,  and  Eno  went 
into  the  real  estate  business,  developing  sections  of  the  city 
in  the  vicmity  of  City  Hall.  He  built  the  Fifth  Avenue  Hotel, 
which  became  one  of  the  leading  hotels  of  the  city.  To  his 
native  town  he  gave  the  Tov^oi  Library  and  the  main  build- 

[113] 


ings  on  the  Town  Farm.  What  stimulated  his  interest  in  Am- 
herst we  do  not  know. 

The  Sidney  Dillon  Fund  of  $25,000  was  established  in 
1894  by  two  daughters  and  two  grandsons  of  Sidney  Dillon, 
with  the  provision  that  the  income  should  be  used  toward 
the  salary  of  the  professor  of  astronomy.  One  of  the  daugh- 
ters, Cora,  was  the  wife  of  Peter  B.  Wyckoff  of  the  class  of 
1868,  who  became  a  practicing  physician  and  later  a  stock- 
broker in  New  York.  Sidney  Dillon  (1812-1892),  in  whose 
memory  the  fund  was  established,  was  one  of  the  leading  fig- 
ures in  the  middle  of  the  last  century  in  the  construction  of 
American  railways.  The  son  of  a  poor  farmer  in  New  York 
state,  he  began  work  at  seven  as  a  water  boy  on  the  Mohawk 
&  Hudson  Railroad  from  Albany  to  Schenectady.  Later,  he 
became  a  foreman  on  railroad  construction  projects  in  New 
England.  Finally,  he  went  into  business  for  himself,  built  a 
section  of  the  Boston  &  Albany  in  1840,  and  during  the  next 
thirty  years  built  thousands  of  miles  of  railway.  One  of  his 
contracts  was  for  the  construction  of  the  tunnel  under  Park 
Avenue  to  Grand  Central  Station,  undertaken  for  Commo- 
dore Vanderbilt.  His  greatest  enterprise  was  the  construc- 
tion of  the  Union  Pacific,  with  which  he  became  associated 
through  the  purchase  of  large  blocks  of  stock  of  Credit  Mo- 
bilier.  He  was  twice  president  of  Union  Pacific  and  at  the 
time  of  his  death  he  was  chairman  of  the  Board.  He  was 
closely  associated  with  Jay  Gould  in  many  of  his  enterprises. 
His  wife  was  Hannah  Smith  of  Amherst.  He  was  engaged  in 
the  revision  of  his  will  when  he  died;  and  his  children  and 
grandchildren  made  a  number  of  charitable  gifts  from  their 
inheritance  in  order  to  carry  out  the  program  he  had  in  mind 
in  the  draft  of  a  new  will. 

In  1897  the  College  received  the  Pratt  Health  College 
Fund  of  $32,000  from  three  Pratt  brothers:  George  of  the 
class  of  1893,  Herbert  of  the  class  of  1895,  and  John  of  the 
class  of  1896.  The  income  was  to  be  used  for  the  mainte- 
nance and  operation  of  Pratt  Health  Cottage  which  they 
had  just  given  to  the  College.  It  is  now  used  for  the  mainte- 
nance and  operation  of  the  College  Infirmary.  It  is  to  be 
[114] 


noted  that  this  gift  was  made  at  a  time  when  these  young 
men  were  just  out  of  college,  and  before  they  had  received 
their  shares  of  their  inheritance.  They  all  later  became 
wealthy  men,  and  their  generous  gifts  to  the  College  contin- 
ued throughout  their  lives.  How  they  secured  funds  to  make 
this  generous  gift  to  their  alma  mater  I  have  not  been  able 
to  find  out. 

Another  gift  to  the  College  in  this  decade  was  the  Wil- 
ham  S.  Tyler  Memorial  Fund  of  $25,000  given  in  1902  by 
Mason  W.  Tyler  of  the  class  of  1862  in  memory  of  his  father 
who  had  graduated  in  the  class  of  1830  and  served  on  the  fac- 
ulty until  1893,  and  who,  in  addition,  had  rendered  a  serv- 
ive  of  great  usefulness  by  writing  the  history  of  the  College 
at  its  semicentennial  and  revising  it  for  publication  when 
the  College  celebrated  its  seventy-fifth  anniversary.  The  in- 
come is  to  be  used  for  the  purchase  of  books,  maps,  etc.,  for 
the  college  library.  Mason  W.  Tyler,  the  donor,  had  served 
in  the  Union  Army  as  a  young  man,  practiced  law  in  New 
York  for  a  third  of  a  century,  served  as  alumni  trustee  of  the 
College  from  1901  to  1907,  and  held  the  office  of  governor 
of  the  state  of  New  Jersey. 

While  the  endowment  had  increased  during  the  decade 
some  36%,  the  distribution  of  investments  had  made  marked 
changes.  Notes  Receivable,  which  was  the  largest  item  in 
1892,  representing  37%  of  the  total,  had  dropped  to  8%;  Rail- 
road Bonds  had  risen  from  24%  to  31%,  Bank  Stocks  from  3% 
to  9%;  Manufacturing  Stocks  of  $32,000  were  almost  un- 
changed in  amount,  though  lower  in  percentage.  Bonds  and 
Notes  Receivable  now  amounted  to  71%,  compared  to  81%  in 
1892. 

In  1892  the  College  had  Notes  Payable  of  $50,000.  In  1903 
Notes  Payable  stood  at  $29,000  and  the  following  year  this 
disappeared  completely  from  the  Balance  Sheet.  By  1903  the 
General  Gain  and  Loss  Account  was  in  the  red  by  the 
amount  of  nearly  $40,000. 

A  significant  change  had  occurred  since  1892.  The  Treas- 
urer's Report  was  now  printed  for  distribution  in  a  twelve- 
page  leaflet.  Previously  the  printed  report  had  given  only  a 

[115] 


summary  of  income  and  expense,  but  no  balance  sheet,  no 
report  of  purchases  and  sales,  and  no  list  of  gifts  received. 
The  new  type  of  report  did  not  include  a  list  of  the  invest- 
ments of  the  College,  but,  except  for  this,  it  did  give  a  rea- 
sonably comprehensive  picture  of  the  finances  of  the  insti- 
tution. It  was  unsigned  and  did  not  include  a  copy  of  the 
auditor's  certificate. 


[116] 


Chapter  Seven 

HARRY   W.    KIDDER 

Assistant  Treasurer     1900-1909 
Treasurer  1909-1931 

Comptroller  1931-1933 

Harry  W.  Kidder  became  the  seventh  treasurer  of  the  Col- 
lege in  1909,  but  the  actual  transfer  of  the  responsibility  had 
been  taking  place  gradually  as  the  health  of  Mr.  Howland 
failed.  When  Kidder  received  his  formal  election  by  the 
Board,  he  was  already  carrying  most  of  the  important  work 
of  the  office,  and  the  Board's  action  ratified  what  had  already 
become  a  fact.  The  significant  change  in  the  management  of 
the  college  finances  had  taken  place  two  years  earlier,  in 
1907.  John  E.  Sanford  died  in  October,  at  the  age  of  seventy- 
seven.  A  graduate  of  the  College  in  the  class  of  1851,  he  had 
been  an  influential  member  of  the  Board  for  thuty-three 
years,  a  member  of  the  Finance  Committee  for  nearly  thirty 
years,  and  president  of  the  Board  for  eight  years.  And  for  a 
quarter  of  a  century  he  and  Whitcomb  had  worked  closely 
together  on  the  problems  of  the  finances  of  the  College. 
D.  Willis  James,  who  had  been  associated  with  them  on  the 
committee,  had  died  three  years  earlier.  These  men  had 
worked  easily  and  informally.  There  is  no  record  of  any  for- 
mal meetings  of  the  committee  to  consider  investment  pol- 
icy. Whitcomb  was  the  dominant  member  of  the  committee, 
as  we  have  seen,  and  exercised  the  primary  responsibility. 
Policy  was  made  in  Massachusetts,  as  it  had  been  since  the 
founding  of  the  College. 

In  1907  two  New  York  men  were  added  to  the  committee, 

[117] 


John  W.  Simpson  and  Arthur  Curtiss  James.  Charles  M.  Pratt 
continued  as  a  member  and  Whitcomb  continued  as  chair- 
man. But  the  weight  of  the  committee  was  now  centered  in 
New  York  for  the  first  time.  Simpson  and  James  had  both 
been  elected  to  the  Board  in  1904,  the  latter  to  the  life  Board, 
the  former  as  an  alumni  trustee.  In  addition,  George  A. 
Plimpton  of  New  York,  who  had  been  an  alumni  trustee  from 
1890  to  1895,  had  been  made  a  life  trustee  in  1900,  and  in 
1907  was  chosen  president  of  the  Board  to  succeed  Sanford. 
In  1908  the  Finance  Committee  at  its  own  motion  elected 
Plimpton  to  the  committee,  thus  giving  New  York  four  mem- 
bers to  one  in  Massachusetts. 

Arthur  Curtiss  James  was  elected  to  the  Board  in  1904  to 
succeed  his  father.  Born  in  New  York  City  in  1867,  he  grad- 
uated from  the  College  in  the  class  of  1889.  He  inherited  one 
of  the  large  fortunes  of  the  country,  became  the  largest  in- 
dividual stockholder  in  American  railways,  a  director  and 
large  stockholder  in  Phelps  Dodge  &  Co.,  a  director  of  the 
First  National  Bank  of  New  York,  and  of  many  other  cor- 
porations, a  trustee  of  numerous  charities,  and  a  member  of 
a  large  number  of  organizations.  James  was  a  member  of  the 
Board  from  1904  till  1938.  When  failing  health  made  it  im- 
possible for  him  to  attend  meetings,  the  Board  elected  him 
trustee  emeritus.  He  died  in  1941. 

It  is  interesting  to  observe  the  change  in  emphasis,  and 
sometimes  in  direction,  which  may  result  from  the  addition 
of  one  new  member  to  a  small  Board  like  the  Amherst  Board. 
Often  a  new  man  is  added  to  the  Board  and  no  change  occurs 
in  the  center  of  gravity,  nothing  new  is  added.  But,  occa- 
sionally, the  addition  of  one  new  trustee  results,  in  time,  in 
profound  changes  within  the  Board  and  in  its  action.  John 
W.  Simpson  is  an  example.  John  Woodruff  Simpson  ( 1850- 
1920 )  was  one  of  the  ablest  men  on  the  Board.  Born  in  Ver- 
mont, he  graduated  from  the  College  in  the  class  of  1871, 
and  was  a  practicing  lawyer  in  New  York  City  from  1873  un- 
til his  death.  He  founded  and  was  the  senior  member  of  the 
firm  of  Simpson,  Thacher  and  Barnum,  which  later  became 
Simpson,  Thacher  and  Bartlett.  Dwight  W.  Morrow,  '95,  and 

[118] 


Niel  A.  Weathers,  '98,  later  became  partners  in  the  firm. 
After  Mr.  Shnpson's  death,  his  widow  and  daughter  joined  in 
founding  the  John  W.  Simpson  Foundation  at  the  College, 
with  a  gift  of  $150,000. 

I  never  knew  Mr.  Simpson  personally.  He  was  evidently  a 
man  of  very  great  personal  charm,  wide  contacts,  shrewd 
judgment,  and  incisive  action.  He  was  devoted  to  Dwight 
Morrow,  and  Morrow  always  spoke  of  him  with  deep  aflFec- 
tion  and  almost  with  veneration.  One  of  our  alumni  who  was 
once  a  law  clerk  in  Mr.  Simpson's  oflBce  writes  me,  "  I  should 
doubt  very  much  if  anybody  other  than  Mr.  Simpson  was  the 
leader  on  any  committee  of  which  Mr.  Simpson  was  a  mem- 
ber." Simpson  married  Miss  Kate  Seney,  "  as  blue  a  blood  as 
any  in  the  land,  and  with  family  connections,  both  wealth 
and  social,  which  became  an  important  source  of  the  clien- 
tele of  her  husband's  firm."  Mrs.  Simpson  inspired  awe  even 
in  the  wife  of  a  Morgan  partner.  I  called  on  her  once  toward 
the  end  of  her  life  in  her  beautiful  New  York  home;  to  me 
she  seemed  a  great  lady  of  an  earlier  day. 

Mr.  Simpson  was  a  lawyer  of  the  new  type,  the  head  of  a 
large  firm  which  numbered  many  of  the  great  corporations 
of  the  country  among  its  clients.  His  firm  and  the  other  lead- 
ing New  York  finns  of  the  day  were  the  product  of  the 
change  in  the  business  methods  of  the  country  which  had 
been  developing  with  the  rapid  growth  of  large  corporate 
enterprises.  And  Simpson  was  the  first  lawyer  of  this  type  to 
be  elected  to  the  Amherst  Board.  As  a  member  of  the  Board 
from  1904  to  1907,  he  was  not  responsible  for  the  procedures 
used  by  the  Finance  Committee  in  the  exercise  of  their  re- 
sponsibility for  the  purchase  and  sale  of  securities  for  the  col- 
lege account.  When  he  became  a  member  of  the  committee, 
it  was  natural  for  him  to  take  seriously  his  new  responsibility 
and  to  suggest  that  the  procedure  which  had  before  been  in- 
formal be  regularized  by  frequent  formal  meetings  of  the 
committee.  With  four  members  in  New  York  and  only  one  in 
Massachusetts,  it  was  natural  that  tire  meetings  be  held  in 
New  York  and  he  offered  his  office  as  a  convenient  meeting 
place.  Beginning  in  1908,  the  Finance  Committee  held  regu- 

[119] 


lar  meetings  at  the  Simpson  offices  at  62  Cedar  Street,  and 
formal  minutes  of  the  meetings  were  kept  and  placed  on  file. 
Four  meetings  were  held  in  1908,  eight  in  1909,  ten  in  1910, 
and  ten  in  1911.  Kidder  came  down  from  Amherst  to  each 
meeting  and  kept  the  minutes.  If  only  Simpson  and  Kidder 
were  present,  the  meeting  was  canceled,  but  Simpson  went 
over  with  Kidder  the  matters  to  be  considered. 

One  of  the  first  matters  to  be  regularized  involved  access 
to  the  vaults  in  the  Boston  Trust  Company  where  the  Col- 
lege's unregistered  securities  were  kept.  For  half  a  century 
the  treasurer  had  had  access  and  so  had  one  member  of  the 
Finance  Committee,  in  the  early  days  Henry  Edwards  and 
later  Whitcomb.  In  1897  the  Board  had  voted  that  the  for- 
mal custody  of  the  securities  rested  with  the  Finance  Com- 
mittee; this  meant,  in  effect,  with  Whitcomb.  In  1905  Plimp- 
ton raised  the  question  of  the  custody  of  the  securities  at  the 
autumn  meeting  of  the  Board,  and  suggested  that  current 
procedure  was  not  in  accord  with  the  best  modern  practice. 
The  matter  was  referred  to  the  Finance  Committee.  In  1908 
the  Finance  Committee  voted  that  access  to  the  vault  should 
be  limited  to  the  treasurer  in  company  with  Kidder  or  in 
company  with  a  member  of  the  Board.  And  at  the  same 
meeting  Plimpton  was  asked  by  the  committee  to  make  in- 
quiries as  to  the  cost  of  having  the  securities  handled  by  a 
trust  company  in  Springfield.  In  1909  the  committee  settled 
the  matter  for  the  present  by  voting  to  deposit  the  unregis- 
tered securities  with  the  City  Trust  Company  of  Boston;  the 
trust  company  would  collect  and  transmit  the  income  and 
charge  2^2%  of  the  income  for  their  services.  The  following 
year  the  City  Trust  Company  was  absorbed  by  the  Old  Col- 
ony Trust  Company,  which  continued  the  service  to  the  Col- 
lege. Registered  securities  were  apparently  kept  by  the 
treasurer  in  his  office  in  Walker  Hall,  for  in  1913  we  find  the 
Board  passing  a  resolution  that  pending  further  action  of 
the  Finance  Committee,  the  treasurer  be  instructed  to  trans- 
fer the  securities  from  Walker  Hall  to  a  box  "  in  one  of  the 
banks  in  Amherst "  with  access  by  the  treasurer  and  presi- 
dent or  dean  or  a  nominee  of  the  Finance  Committee. 
[  120  ] 


At  the  monthly  meetings  in  New  York  the  purchase  and 
sale  of  securities  was  discussed  and  each  transaction  re- 
corded in  the  minutes.  At  the  meeting  in  March  1910,  only 
Simpson  and  Kidder  of  the  committee  were  present,  and  the 
meeting  was  postponed.  Note,  however,  is  made  in  the  min- 
utes that  Simpson  had  brought  Morrow  to  the  meeting  to  re- 
port on  a  matter  he  had  investigated  for  the  committee.  And 
from  then  on.  Morrow  appears  from  time  to  time  in  the  min- 
utes of  the  committee  as  in  attendance  for  a  similar  purpose. 

At  a  meeting  in  1911  the  claim  of  the  Sears  heirs  for  $69,- 
457.84  was  discussed,  and  the  committee  voted  to  retain  Ar- 
thur Wellman,  Esquire,  of  Boston  to  represent  the  College. 

Perhaps  the  most  spectacular  tragedy  in  American  finance 
in  this  period  was  the  gradual  collapse  of  the  credit  of  the 
New  Haven  Railroad  and  the  decline  in  the  market  value  of 
its  securities.  As  Charles  M.  Pratt  was  a  member  of  the  Am- 
herst Board  and  a  director  of  the  New  Haven,  it  is  interesting 
to  see  how  the  college  finances  fared.  For  New  Haven  stock 
had  held  a  pre-eminent  position  for  a  generation  as  an  invest- 
ment for  trust  funds  and  for  "  widows  and  orphans."  It  was 
held  in  much  the  same  regard  as  the  stock  of  American  Tele- 
phone is  held  today.  Its  dividend  record  was  impressive.  It 
had  paid  10%  every  year  but  one  from  1873  to  1895,  and 
since  1896  it  had  paid  8%.  In  1903,  Charles  S.  Mellen  was 
elected  president  of  the  road.  His  election  was  widely  ac- 
claimed; he  was  New  England  born  and  had  spent  most  of 
his  life  in  the  employ  of  New  England  railroads  before  go- 
ing west  to  head  the  Northern  Pacific.  The  elder  Morgan 
brought  him  back  to  the  presidency  of  the  New  Haven, 
which  was  regarded  as  the  best  road  in  New  England.  Mel- 
len then  began,  with  the  support  of  Morgan,  to  acquire  the 
trolley  lines,  the  boat  lines,  and  the  competing  railroads  in 
New  Haven  territory,  and  to  extend  New  Haven  territory  to 
take  in  most  of  New  England.  Control  of  the  Boston  &  Maine 
was  acquired,  and  arrangements  made  with  New  York  Cen- 
tral for  joint  control  of  the  Boston  &  Albany,  which  had 
been  leased  to  New  York  Central  about  1900.  It  was  obvious 
that  New  Haven  under  Mellen  and  Morgan  intended  to 

[121] 


acquire  a  monopoly  of  public  transportation  in  New  England 
territory. 

In  1907,  Louis  D.  Brandeis  of  Boston,  later  Mr.  Justice 
Brandeis,  published  a  pamphlet  in  which  he  vigorously  op- 
posed the  New  Haven  program  and  in  which  he  attempted 
to  prove  that  the  New  Haven  Railroad  had  grievously  under- 
mined its  own  credit  position  by  its  enormous  expenditures 
made  in  carrying  out  its  purchases.  One  of  the  most  bitter 
fights  of  the  century  developed.  It  was  carried  on  in  the 
press,  in  public  debates,  before  committees  of  the  Massachu- 
setts legislature,  and  finally  before  the  Interstate  Commerce 
Commission.  In  1910  John  E.  Oldham,  '88,  a  Boston  invest- 
ment banker  who  had  made  penetrating  analyses  of  the 
credit  of  various  railroads,  made  a  thorough  study  of  New 
Haven  for  his  clients.  He  advised  them  that  New  Haven 
stock,  which  had  sold  as  high  as  250,  was  not  worth  over  80. 
No  publicity  was  given  to  his  findings.  In  1913  Joseph  B. 
Eastman,  '04,  later  a  trustee  of  the  College  and  the  most  dis- 
tinguished member  of  the  Interstate  Commerce  Commis- 
sion, joined  Brandeis  in  the  attack.  Eastman  at  the  time  was 
secretary  of  the  Public  Franchise  League  of  Boston.  New 
Haven  stock,  which  had  sold  for  250  and  over,  dropped  from 
year  to  year.  In  1910  it  reached  a  low  of  149;  in  1913,  a  low 
of  65;  and  in  1917  it  dropped  to  a  low  of  21.  In  1913  it  was 
forced  to  reduce  its  dividend  to  7/2%;  in  1914  it  paid  1/2%;  and 
from  1915  it  paid  no  dividends  until  1928.  In  1935  it  was  in 
bankruptcy. 

In  March  1913  the  elder  Morgan  died.  In  July  of  the  same 
year  Mellen  resigned  as  president  of  both  the  New  Haven 
and  Boston  &  Maine.  It  took  years  to  unscramble  the  cor- 
porate tangles  involved.  Criminal  action  was  brought  against 
the  directors  by  the  Federal  Government,  and  the  directors 
were  convicted  and  fined.  Charles  M.  Pratt  resigned  from 
the  New  Haven  Board  and  was  succeeded  by  his  younger 
brother  John.  The  so-called  "  New  Haven  crowd  "  considered 
Brandeis  a  wrecker,  and  the  financial  papers,  which  received 
large  advertising  contracts  from  the  New  Haven,  joined  in 
the  cry.  A  professor  at  the  Harvard  Law  School,  who  had 
[122] 


been  one  of  my  teachers  there,  was  discovered  to  be  on  the 
payroll  of  the  New  Haven,  together  with  his  father  and 
brother,  and  was  promptly  dismissed  by  Harvard  from  his 
faculty  post.  Personally,  I  took  no  part  in  the  fight,  though  I 
immediately  sold  the  small  block  of  New  Haven  belonging 
to  my  wife.  I  had,  however,  a  ringside  seat,  as  I  was  closely 
associated  with  Brandeis  at  the  time  in  other  matters,  while 
many  of  my  social  acquaintances,  as  well  as  most  of  my  fam- 
ily, belonged  to  the  New  Haven  group  in  sympathy.  I  have 
no  doubt  that  the  fight  cost  Charles  M.  Pratt  his  health,  and 
ultimately  his  reason.  And  I  suppose  there  is  no  question  that 
he  had  large  blocks  of  New  Haven  stock  in  the  family  trusts 
from  which  great  losses  were  suffered.  Yale  University  was 
also  a  large  stockholder,  and  its  president,  Arthur  T.  Hadley, 
who  was  a  scholar  in  the  field  of  political  science,  was  for 
many  years  a  New  Haven  director. 

Did  Charles  M.  Pratt,  director  of  New  Haven  and  member 
of  the  Finance  Committee  of  Amherst,  persuade  his  col- 
leagues on  the  committee  to  invest  college  funds  in  New 
Haven  securities?  It  seems  abundantly  clear  that  he  did  not. 

In  1908  the  College  owned  eight  shares  of  New  Haven  at 
a  book  value  of  $1,000,  which  it  had  acquired  in  the  Gaylord 
Fund  some  years  earlier.  It  owned  $3,000  New  Haven  Con- 
vertible 6s  of  1948  at  a  book  value  of  $3,799  and  two  years 
later  it  bought  $7,000  more  at  133^  at  a  meeting  of  the  Fi- 
nance Committee  at  which  Whitcomb,  Plimpton,  and  James 
were  present,  but  Pratt  was  absent.  In  addition,  the  College 
owned  small  blocks  of  Old  Colony  Railroad  and  Providence 
&  Worcester,  both  leased  lines  of  the  New  Haven  with  their 
dividends  guaranteed  by  New  Haven.  The  College  acquired 
its  first  stock  in  Old  Colony  (then  Old  Colony  &  Newport) 
before  1875;  and  its  first  investment  in  Providence  &  Worces- 
ter is  at  least  as  far  back  as  1894.  Both  Old  Colony  and  Provi- 
dence &  Worcester  were  considered  sound  investments  with 
the  guarantee  of  New  Haven. 

The  College  sold  its  20  shares  of  Providence  &  Worcester 
in  1925  for  $3,631,  at  a  loss  of  $3,368.  It  sold  its  250  shares  of 
Old  Colony  in  1935-36  for  $16,183,  at  a  loss  of  $9,648.  It  sold 

[123] 


its  20  shares  of  New  Haven  in  1920  for  $643,  at  a  loss  of 
$1,606.  Pratt's  record  as  a  member  of  the  Amherst  Finance 
Committee  seems  to  be  clear  beyond  question,  and  the  Col- 
lege's losses  were  relatively  small  when  one  considers  the 
size  of  its  portfolio  at  the  time  and  the  high  standing  which 
New  Haven  securities  held  in  the  minds  of  investors.  Most 
of  Brandeis'  criticisms  of  New  Haven  were  supported  by  the 
record  when  all  the  facts  were  known,  but  Brandeis  was  a 
lonely  figure  in  the  fight  and  almost  the  entire  financial  com- 
munity supported  the  New  Haven  position. 

We  must  now  examine  the  Treasurer's  Report  of  1912, 
which  has  been  expanded  to  a  pamphlet  of  sixty-two  pages, 
with  an  index,  and  is  mailed  to  the  alumni  each  year  as  an 
issue  of  the  Amherst  College  Bulletin. 

For  the  first  time  it  includes  a  formal  balance  sheet.  The 
total  assets  of  the  College  are  stated  at  $3,699,113.07.  Plant 
Assets  are  $1,050,731,  which  excludes  dormitories  at  $60,000, 
and  other  real  estate  in  Amherst  $27,000,  which  are  carried 
as  investments  of  trust  funds.  The  endowment  representing 
the  portfolio,  dormitories,  and  other  real  estate  in  Amherst, 
and  real  estate  in  Boston,  in  addition  to  cash  of  $654  await- 
ing investment,  comes  to  a  total  of  $2,629,509.  The  deficit, 
representing  the  excess  of  liabilities  over  assets  on  the  bal- 
ance sheet,  is  $24,359. 

Here  is  a  comparison  with  previous  decades : 

1875  Total,  excluding  Charitable  Fund  $    584,845 

1882  Total,  excluding  Charitable  Fund  913,331 

1892  Total,  excluding  Charitable  Fund  1,225,184 

1903  Total,  excluding  Charitable  Fund  1,671,066 

1912  Total,  excluding  Charitable  Fund  2,629,509 

The  endowment  has  shown  an  increase  in  the  decade  of 
nearly  a  milhon  dollars,  or  57%.  The  increase  in  the  preced- 
ing decade  was  36%  and  in  the  decade  before  that,  33%.  The 
Charity  Fund,  not  included  in  the  above  totals,  has  now  risen 
to  $95,000. 

Seven  large  additions  to  the  permanent  funds  of  the  Col- 
lege had  been  received  in  the  decade: 
[124] 


The  Biological  and  Geological  Laboratory  Maintenance 
Fund.  Established  in  1907.  The  sum  of  $150,000  was  raised  for 
the  construction  and  maintenance  of  the  laboratory;  of  this 
amount,  the  Board  set  aside  $50,000  as  a  permanent  mainte- 
nance fund.  The  largest  donors  were  Andrew  Carnegie,  $75,- 
000,  D.  Willis  James,  $20,000,  Charles  M.  Pratt,  $15,000,  John 
M.  Simpson,  $10,000,  and  Mortimer  L.  Schiff,  $10,000.  This  was 
a  project  initiated  and  developed  by  Mr.  Plimpton,  who  secured 
the  gift  from  Mr.  Carnegie  conditioned  on  the  College's  raising 
an  equal  amount. 

The  Edward  West  Currier  Fund  of  $232,842.94  received  in 
1908  by  bequest  of  Edward  West  Currier  of  the  class  of  1865, 
both  principal  and  income  unrestricted.  And  the  Edward  West 
Currier  Library  Fund  of  $10,000  by  similar  bequest,  the  in- 
come to  be  used  for  the  purchase  of  books  for  the  college  li- 
brary. Edward  West  Currier  (1841-1907)  was  born  in  New 
York  City,  attended  Harvard  for  one  year,  transferred  to  Am- 
herst and  graduated  in  the  class  of  1865.  On  graduation,  he 
joined  the  firm  of  Currier  and  Ives  of  New  York,  became  a 
partner  a  year  later  and  continued  with  this  firm  until  his 
death.  His  classmate,  James  L.  Bishop  of  the  New  York  Bar, 
represented  the  College  in  the  settlement  of  the  estate.  His 
alma  mater  was  his  residuary  legatee. 

The  D.  Willis  James  Legacy  of  $95,250  received  in  1908  by 
bequest  of  Mr.  James,  with  no  restrictions. 

The  Edward  A.  Crane  Library  Fund  of  $35,042.88  received 
in  1909  by  bequest  of  Edward  Augustus  Crane  of  the  class  of 
1854,  the  income  to  be  used  for  the  purchase  of  books  "  record- 
ing or  treating  facts  of  observation  and  experience,  the  induc- 
tions from  them,  and  their  application  in  the  service  of  man." 
Dr.  Crane  (1832-1906)  prepared  for  college  at  Phillips  Acad- 
emy, Andover,  graduated  from  Amherst  in  1854,  and  from  Har- 
vard Medical  School  in  1857.  He  practiced  his  profession  for 
four  years  in  Providence,  served  for  three  years  on  the  U.S. 
Sanitary  Commission,  and  then  went  abroad.  With  Dr.  Thomas 
Evans  he  organized  the  American  Ambulance  in  the  Franco- 
Prussian  War.  With  Dr.  Evans  he  planned  and  carried  out  the 
escape  of  the  Empress  Eugenie.  The  rest  of  his  life  was  spent 
in  Paris,  where  for  many  years  he  published  the  American 
Register. 

The  Clyde  Fitch  Memorial  Fund  of  $20,000  established  in 

[125] 


1911  by  gift  from  Mr.  and  Mrs.  W.  G.  Fitch  of  New  York,  the 
parents  of  Clyde  Fitch  of  the  class  of  1886,  as  a  memorial  to 
him.  The  income  is  to  be  used  for  the  furtherance  of  the  study 
of  English  Literature  and  Dramatic  Art  and  Literature.  Clyde 
Fitch  (1865-1909)  was  born  in  Elmira,  New  York,  graduated 
from  Amherst  in  the  class  of  1886,  and  became  the  best 
known  playwright  of  his  time.  His  study  has  been  incorporated 
in  Converse  Memorial  Library. 

The  John  S.  Kennedy  Fund  of  $90,000  received  in  1911  by 
bequest  of  John  Stewart  Kennedy  of  New  York,  without  re- 
strictions. John  Stewart  Kennedy  (1830-1909)  was  born  in 
Scotland  and  entered  the  iron  and  coal  business  in  Glasgow.  At 
twenty-six  he  came  to  the  United  States  at  the  invitation  of  the 
New  York  banking  firm  of  M.  K.  Jessup  and  soon  was  a  part- 
ner. Later  he  established  his  own  firm  of  J.  S.  Kennedy  &  Co. 
and  became  one  of  the  foremost  financiers  of  the  country.  He 
was  closely  associated  with  James  J.  Hill  in  the  building  of  the 
Hill  railroads,  was  a  director  of  Union  Pacific,  and  was  a  mem- 
ber of  the  syndicate  which  entered  into  a  contract  with  the 
Canadian  government  for  the  building  of  the  Canadian  Pacific. 
In  1883  he  retii-ed  from  business  and  devoted  his  time  and  en- 
ergies to  philanthropic  enterprises,  including  Columbia  Uni- 
versity and  Robert  College.  Half  of  his  estate  of  sixty-seven 
million  he  left  for  public  purposes.  Amherst  was  one  of  forty- 
six  institutions  to  receive  a  bequest  of  $100,000,  doubtless  due 
to  the  persuasive  suggestions  of  George  A.  Plimpton,  who  was 
associated  with  him  on  various  charitable  boards.  And  Mr. 
Plimpton  represented  the  College  at  the  memorial  service  held 
in  New  York  in  November  1909. 

The  Salary  Fund  (1911  Endowment)  of  $401,000  established 
in  1911  by  gifts,  the  income  to  be  used  for  the  salaries  of  pro- 
fessors and  instructors.  The  donors  were  Mrs.  D.  Willis  James, 
$100,000,  Arthur  Curtiss  James,  $100,000,  General  Education 
Board,  $75,000,  George  A.  Plimpton,  $50,000,  four  Pratt  broth- 
ers, $50,000,  Mortimer  L.  Schiff,  $15,000,  William  H.  Moore, 
$10,000,  and  Frederick  W.  Whitridge,  74,  $1,000.  This  too  was 
a  project  of  Mr.  Plimpton's. 

While  the  endowment  has  increased  during  the  decade  by 
57%,  the  distribution  of  the  portfolio  has  also  changed.  Notes 
Receivable,  which  a  score  of  years  before  represented  37%  of 
[126] 


the  total,  and  ten  years  before  8%  of  the  total,  have  now 
dropped  to  1%.  Railroad  Bonds  have  risen  from  31%  to  35%. 
Miscellaneous  Bonds  have  risen  in  the  decade  from  26%  to 
38%.  Bank  Stocks  have  dropped  from  9%  to  5%.  Manufac- 
turing Stocks  have  dropped  from  $32,000  to  $9,000.  The 
New  England  textiles  are  being  liquidated  rapidly.  During 
the  year,  for  example,  the  College  sold  its  Bigelow  Carpet 
at  a  profit  of  $7,500,  or  nearly  100%;  its  Merrimac  at  a  loss 
of  $2,000,  or  50%;  its  Pepperell  at  a  profit  of  $6,700,  or  over 
200%. 

During  the  year  the  gains  on  the  sales  of  securities 
amounted  to  some  $39,000,  the  losses  to  $4,000,  showing  a 
net  gain  of  $35,000. 

There  is  also  a  wider  distribution  within  the  categories. 
Most  of  the  individual  investments  are  in  blocks  of  ten  to  fif- 
teen thousand  dollars.  The  only  very  large  blocks  are  North- 
ern Pacific  stock  at  $98,000,  Great  Northern  Preferred  at 
$80,000,  and  First  National  Bank  of  Chicago  at  $48,000.  The 
Great  Northern  and  Northern  Pacific  were  gifts  from  the 
Jameses;  the  First  National  Bank  of  Chicago  was  received 
from  Rufus  B.  Kellogg. 

Deposits  in  the  Amherst  Savings  Bank  now  amount  to 
$17,000,  on  which  the  College  receives  4%  interest. 

Bonds,  notes,  and  cash  now  amount  to  76%,  as  compared 
vidth  71%  in  1903;  equities  at  17%. 

The  excess  of  liabilities  over  assets,  that  is  to  say,  the  defi- 
cit, stands  at  $24,359,  as  compared  with  $39,487  in  1903;  an 
improvement  of  $15,000. 

This  is  not,  however,  a  true  picture.  For  in  November  1906 
the  Finance  Committee  cleared  certain  debit  and  credit  ac- 
counts. The  facts  appear  in  the  1907  Report  of  the  Treasurer. 
An  accumulated  deficit  of  $49,110  was  charged  off,  partly 
($34,783)  to  the  Gain  and  Loss  Account  on  the  purchase  and 
sale  of  securities,  and  the  balance  to  the  Fayerweather  Leg- 
acy, which  was  unrestricted.  And  a  year  later  a  loss  of  $21,- 
719  on  the  investment  account  was  charged  off,  some  $18,- 
773  to  the  Fayerweather  Legacy  and  $2,946  to  the  General 
Treasury  Fund. 

[127] 


The  year  1912  had  a  significance  in  the  finances  of  the  Col- 
lege which  was  not  recognized  at  the  time.  President  Harris 
retired  after  a  service  of  thirteen  years,  and  the  Board 
elected  Alexander  Meiklejohn  to  succeed  him.  The  faculty 
were  not  officially  consulted  by  the  Board,  and  perhaps  for 
this  reason  they  sent  a  round-robin  letter  to  the  Board,  writ- 
ten in  the  beautiful  hand  of  Professor  Genung,  recom- 
mending Frederick  J.  E.  Woodbridge,  '89,  as  their  choice. 
Woodbridge  was  then  professor  of  philosophy  at  Columbia 
University.  A  covering  letter  indicated  that  the  majority  of 
the  faculty  would  support  George  D.  Olds,  then  dean  of  the 
College,  but  it  was  understood  that  he  was  not  a  candidate. 
Harlan  Fiske  Stone,  '94,  wrote  a  discriminating  letter  sug- 
gesting two  names  for  the  presidency:  Woodbridge  and 
Dwight  W.  Morrow.  And  Arthur  Curtiss  James,  a  classmate 
and  close  friend  of  Woodbridge,  told  him  privately  that  if  he 
were  elected  he  (James)  would  provide  him  with  all  the 
money  he  needed  to  develop  the  College.  It  is  interesting, 
and  of  course  fruitless,  to  speculate  on  what  the  results  for 
the  College  would  have  been  if  the  Board  had  elected  Wood- 
bridge,  and  Arthur  James  had  made  available  to  him  what- 
ever financial  help  he  asked  for. 

The  Board  elected  Rush  Rhees,  '83,  then  president  of  the 
University  of  Rochester,  who  declined  the  appointment  and 
chose  to  remain  at  Rochester,  where  his  friend  George  East- 
man later  placed  his  great  fortune  at  the  disposal  of  the  uni- 
versity. The  Amherst  Board  then  passed  over  Woodbridge 
and  Morrow,  as  well  as  Alfred  E.  Stearns,  '94,  then  headmas- 
ter of  Phillips  Academy  at  Andover,  and  elected  Alexander 
Meiklejohn,  then  dean  of  Brown  University.  Meiklejohn's 
name  was  first  proposed  to  the  Amherst  Board  by  John 
Franklin  Jameson,  '79,  the  distinguished  historical  scholar, 
who  had  formerly  been  a  member  of  the  Brown  faculty  and 
was  now  director  of  the  Department  of  Historical  Research 
at  the  Carnegie  Institute  in  Washington.  Jameson  was  a 
classmate  and  close  friend  of  Charles  M.  Pratt  of  the  Am- 
herst Board  and  a  friend  of  Plimpton's.  When  Meiklejohn's 
name  was  proposed,  however,  none  of  the  Amherst  Board 
[128] 


had  any  personal  acquaintance  with  him,  and  he  in  turn 
knew  httle  about  Amherst. 

President  Meiklejohn  was  inaugurated  in  the  autumn  of 
1912,  and  administered  the  College  for  eleven  years.  The 
College  had  operated  at  a  deficit  of  some  eighteen  thousand 
dollars  in  the  last  year  of  President  Harris.  President  Meikle- 
john was  unable  or  unwilling  to  take  the  steps  necessary  to 
balance  the  budget  and  continued  for  nine  years  to  operate 
at  a  deficit.  The  Auditor's  Reports  show  the  following 
deficits : 

1912  $18,488     1917  $29,924 

1913  35,620  1918  17,977 

1914  29,311  1919  8,992 

1915  32,910  1920  44,105 

1916  31,993  1921  81,734 

To  meet  these  deficits  the  College  borrowed  money.  It 
borrowed  from  the  First  National  Bank  of  Amherst,  and  then 
from  the  United  States  Trust  Company  of  New  York.  In  1913 
it  owed  the  latter  bank  $50,000.  By  1915  its  loan  from  the 
United  States  Trust  Company  had  risen  to  $120,000,  by  1917 
to  $140,000,  and  two  years  later  to  $160,000.  The  interest 
rate  was  at  first  4%  and  later  3^2%.  The  loans  were  arranged  by 
Arthur  Curtiss  James  at  the  request  of  the  Finance  Commit- 
tee. In  1920  the  College  began  paying  oflF  the  loans  from  its 
receipts  on  the  Sage  bequest.  A  century  before,  the  College 
was  embarrassed  by  debts  of  $30,000.  Now  its  credit  was  of 
the  best;  it  had  a  large  and  sound  portfolio;  it  could  borrow 
in  the  New  York  market  at  a  low  rate  of  interest.  Its  Board  of 
Trustees  included  several  New  York  men  of  large  fortune. 
But  by  operating  at  a  deficit  for  more  than  a  decade,  it  was 
consuming  its  capital,  and  drastic  action  would  have  to  be 
taken.  The  net  accumulated  deficit  of  these  years  reached  a 
total  of  $321,195. 

I  have  often  wondered  why  the  president  himself  did  not 
take  the  steps  necessary  to  bring  the  budget  into  balance, 
even  though  such  steps  would  necessarily  have  been  dis- 
agreeable. And  I  have  wondered  why  the  Board  did  not 

[129] 


force  him  to  balance  his  budget.  One  reason  was  that  World 
War  I  was  in  progress  during  part  of  the  period.  Another 
doubtless  was  that  the  Board  had  other  problems  with  the 
president  which  were  gradually  mounting  toward  a  crisis. 

Meanwhile,  the  College  was  receiving  from  generous 
alumni  and  friends  substantial  additions  to  its  permanent  en- 
dowment. The  first  large  gift  received  after  the  inauguration 
of  President  Meiklejohn  was  a  fund  of  $100,000  to  establish 
a  professorship  of  economics  to  be  named  the  George  Daniel 
Olds  Professorship.  The  donor  requested  that  he  remain 
anonymous,  and  his  wishes  were  of  course  respected.  I  now 
have  his  permission  to  disclose  his  identity.  This  generous 
gift  was  the  first  of  many  made  by  Frank  Lusk  Babbott,  Jr., 
who  had  graduated  from  the  College  only  the  year  before, 
in  the  class  of  1913.  The  professorship  was  named  for  Dean 
Olds,  who  had  won  the  deep  affection,  as  well  as  the  pro- 
found respect,  of  the  donor.  Two  years  later,  in  1916,  Bab- 
bott gave  another  fund,  which  is  called  on  the  college  books 
the  Dana  Street  Property  Fund,  and  which  stands  on  the 
books  at  the  nominal  value  of  $32,000.  The  president  of  the 
College  was  having  difficulty  in  finding  satisfactory  living  ac- 
commodations for  the  new  men  he  called  to  the  faculty. 
Babbott  bought  several  house  lots  on  Dana  Street  and  built 
three  excellent  houses  suitable  for  faculty  residences.  In  ad- 
dition, he  built  a  more  elaborate  house  on  the  east  side  of 
South  Pleasant  Street  as  a  faculty  residence.  All  four  were 
deeded  to  the  College.  The  house  on  South  Pleasant  Street 
was  later  moved  to  Hitchcock  Boad  to  make  way  for  the 
Alumni  Gymnasium. 

When  the  Converse  Memorial  Library  was  built,  Babbott 
furnished  the  seminar  rooms  for  the  departments  of  econom- 
ics and  political  science.  And  in  1920  he  gave  a  fund  of  $80,- 
250  to  establish  the  Amherst  Memorial  Fellowships,  to  per- 
petuate the  memory  of  the  Amherst  men  who  had  given  their 
lives  for  an  ideal.  The  income  of  this  fund  is  used  for  the 
support  of  fellowships  to  promote  the  study  of  social,  eco- 
nomic, and  political  institutions.  The  fellowships  are  awarded 
annually  by  the  Trustees  on  the  recommendation  of  the  Fac- 
[130] 


ulty  Committee  on  Fellowships.  Of  late  years,  with  the 
approval  of  the  donor,  one  fellowship  is  awarded  each 
year  to  a  member  of  the  graduating  class  of  Williams,  Wes- 
leyan,  or  Bowdoin;  the  others  are  awarded  to  graduates  of 
Amherst. 

Frank  Lusk  Babbott,  Jr.,  13  (1891-  )  is  the  son  of 
Frank  L.  Babbott,  78,  and  Lydia  Richardson  Pratt,  a  sister 
of  the  Pratt  brothers.  After  graduating  from  Amherst,  he  took 
his  medical  course  at  Columbia  and  his  internship  in  hospi- 
tals in  New  York.  Thereafter,  he  was  on  the  faculties  of  the 
medical  schools  of  Johns  Hopkins  and  Yale  and  Long  Island 
College  of  Medicine.  In  1931  he  became  president  of  Long 
Island  College  of  Medicine.  On  his  retirement  some  years 
later  for  reasons  of  health,  he  became  chairman  of  its  Board 
of  Trustees.  In  1933,  on  the  twentieth  anniversary  of  his 
graduation,  he  received  from  his  alma  mater  her  highest  hon- 
orary degree.  On  his  father's  death  in  1933,  the  Long  Island 
College  of  Medicine  and  associated  hospitals  received  one- 
half  of  the  estate. 

In  1916  the  College  received  a  gift  of  $100,000  to  establish 
the  Rufus  Tyler  Lincoln  Professorship  of  Biology.  This  gen- 
erous gift  was  made  by  Mrs.  Caroline  Tyler  Lincoln,  a  daugh- 
ter of  Wellington  H.  Tyler  of  the  class  of  1831,  and  a  niece 
of  Professor  William  S.  Tyler  of  the  class  of  1830,  as  a  me- 
morial to  her  son,  Rufus  Tyler  Lincoln.  Mrs,  Lincoln  was  the 
widow  of  Dr.  Rufus  P.  Lincoln  of  the  class  of  1862.  Dr.  Lin- 
coln (1840-1900)  was  born  in  Belchertown,  prepared  for 
college  at  Williston  and  Exeter,  and  served  in  the  Union 
Army.  He  had  been  promoted  through  grades  from  second 
lieutenant  to  colonel.  After  his  medical  course  at  Harvard, 
he  practiced  in  New  York  as  a  throat  specialist. 

In  1918  the  College  received  the  Richard  B.  Sewall  Fund 
of  $30,000  under  the  will  of  Mr.  Sewall,  who  had  made  a  for- 
tune in  Boston  in  the  Sewall  Day  Cordage  Company  and 
later  in  cotton  manufacturing.  He  left  his  fortune  to  a  num- 
ber of  colleges,  with  the  residue  going  to  Hai-vard  and  Yale 
Universities. 

And  in  1918  the  College  received  what  is  called  the  1918 

[  131  ] 


Endowment  Fund  of  $653,411-85,  given  by  seventeen  alumni 
and  one  friend  of  the  College,  with  the  provision  that  the 
income  be  used  for  the  salaries  of  the  faculty.  The  largest 
donor  was  Arthur  Curtiss  James,  with  a  gift  of  $336,411.85. 
Messrs.  Simpson,  Plimpton,  Morrow,  and  each  of  the  six 
Pratt  brothers  gave  $25,000.  The  class  of  1884  gave  $25,000, 
and  William  H.  Porter  gave  the  same  amount.  William  H. 
Porter  ( 1861-1926 )  was  a  partner  of  Morrow's  in  J.  P.  Mor- 
gan &  Co.  and  made  the  gift  because  of  his  affection  for  Mor- 
row. He  himself  had  had  only  a  common  school  education 
and  a  short  stay  at  Saratoga  Academy.  Before  joining  the 
Morgan  firm  he  had  risen  to  the  presidency  of  the  Chemical 
National  Bank  in  New  York,  and  was  a  director  in  other 
corporations. 

In  1920  the  College  established  the  Margaret  Olivia  Sage 
Fund  from  payments  made  during  this  and  the  following 
years  from  the  estate  of  Mrs.  Sage.  Altogether,  the  College  re- 
ceived a  total  of  over  six  hundred  thousand  dollars  from  this 
source.  Mrs.  Sage  was  the  widow  of  Russell  Sage,  an  almost 
legendary  figure  of  the  last  century.  Sage  (1816-1906)  was 
born  in  a  covered  wagon  in  upstate  New  York  while  his  par- 
ents were  en  route  from  Connecticut  to  Michigan.  He  was 
brought  up  on  a  farm,  attended  school  winters,  and  began 
his  business  career  as  a  clerk  in  his  brother's  grocery  store  in 
Troy,  New  York.  For  twenty  years  he  was  a  wholesale  grocer 
in  Troy;  he  served  as  alderman,  and  went  to  Congress  for 
one  term.  Then  in  1863  he  moved  to  New  York  and  engaged 
in  buying  and  selling  "  privileges  "  in  Wall  Street.  He  became 
an  ally  of  Jay  Gould  and  a  figure  in  the  railway  world.  He 
promoted  the  Chicago,  Milwaukee  &  St.  Paul  and  was  for 
many  years  a  vice-president.  As  he  grew  older  he  became 
more  conservative  and  loaned  his  money  on  call  in  Wall 
Street.  At  one  time  he  had  $27,000,000  out  on  call.  His  fru- 
gality became  proverbial.  When  he  was  an  old  man  a  bomb 
was  exploded  in  his  oflBce  by  a  blackmailer.  The  blackmailer 
and  a  confidential  clerk  of  Sage's  were  killed,  but  Sage  recov- 
ered and  lived  to  be  ninety.  He  left  a  fortune  of  $70,000,000 
to  his  wife.  She  was  as  generous  as  he  was  penurious.  On  her 
[132] 


death  the  estate  went  to  a  large  number  of  colleges  and  to  the 
Russell  Sage  Foundation. 

As  I  grew  up  in  Troy,  I  heard  stories  about  Russell  Sage  as 
a  boy.  Doubtless  most  of  them  were  apochryphal.  The  one  I 
enjoyed  most  was  the  story  of  an  acquaintance  meeting  Sage 
walking  down  Sixth  Avenue  in  New  York  under  the  elevated 
railway,  in  which  he  was  a  large  stockholder.  The  acquaint- 
ance asked  him  why  he  was  walking,  and  Sage  replied  that 
he  had  forgotten  his  pass  and  so  was  saving  five  cents.  The 
acquaintance  suggested  that  if  he  walked  down  Fifth  Ave- 
nue he  would  save  ten  cents. 

Meanwhile,  the  Finance  Committee  was  meeting  regularly 
to  review  the  portfolio.  We  have  seen  that  the  College  began 
the  acquisition  of  New  England  textile  stocks  in  the  middle 
of  the  last  century.  Most  of  them  had  come  to  the  College 
from  time  to  time  by  gift  or  bequest.  By  1900  we  had  a  sub- 
stantial investment  in  this  category.  During  the  early  years 
of  this  century  textile  mills  in  the  South  were  developing  and 
each  year  were  oflFering  increasing  competition  to  the  older 
mills  in  New  England.  The  southern  mills  were  equipped 
with  the  most  modern  machinery,  labor  costs  were  lower,  the 
cost  of  living  was  lower.  The  Finance  Committee  was  of 
course  aware  of  these  facts  and  in  1912  began  the  liquida- 
tion of  its  textile  stocks.  Its  sales  were  concentrated  in  the 
years  1912,  1916,  and  1920.  The  College's  books  of  account 
indicate  that  the  College  made  gross  profits  of  $24,000  and 
gross  losses  of  $3,000,  with  a  net  gain  of  $21,000  in  the  price 
it  realized  above  the  value  at  which  the  stocks  were  carried 
on  the  books.  An  excellent  record. 

Important  changes  were  taking  place  in  the  Finance  Com- 
mittee. Whitcomb  withdrew  from  the  Finance  Committee 
because  of  illness  in  1914,  after  a  service  of  thirty  years,  and 
Simpson  was  elected  chairman.  He  had  for  some  years  been 
the  dominating  member  of  the  committee,  as  we  have  seen, 
and  most  of  the  meetings  had  been  held  in  his  New  York  of- 
fice. Plimpton,  Pratt,  and  James  continued  on  the  committee. 
In  1916  Whitcomb  died  and  Dwight  Morrow  was  elected  to 
the  Board  and  added  to  the  Finance  Committee.  A  few 

[133] 


months  later  the  country  was  at  war,  and  a  few  months  after- 
wards Morrow  went  abroad  as  a  member  of  the  American 
Shipping  Mission  and  a  civihan  member  of  the  staflF  of  Gen- 
eral Pershing.  Simpson  had  secured  his  advice  on  invest- 
ments from  the  Chase  National  Bank  and  we  have  in  our  files 
a  number  of  then*  letters  which  he  presented  to  the  Finance 
Committee  and  had  embodied  in  the  minutes.  From  time  to 
time,  as  we  have  seen,  he  brought  Morrow,  his  partner,  in  to 
advise  the  committee  on  special  matters. 

The  first  account  the  College  had  with  Morgan  was  in 
1916  when  Morrow  authorized  J.  P.  Morgan  &  Co.  to  debit 
an  account  in  the  name  of  Amherst  College  in  the  sum  of 
$1,965.16  to  pay  certain  charges  on  Pere  Marquette  securi- 
ties then  in  process  of  liquidation.  Morrow  was  handling  the 
college  investment  in  this  road  for  the  Finance  Committee. 
The  next  year  an  account  entitled  "  Amherst  College  Fund, 
Dwight  W.  Morrow  Treasurer "  was  opened  on  April  20, 
1917,  and  closed  the  following  year.  I  have  secured  a  photo- 
static copy  of  the  ledger  sheets  of  this  account  from  J.  P. 
Morgan  &  Co.  The  account  covers  the  1918  Endowment 
Fund  which  we  have  discussed.  The  account  is  credited  with 
the  subscriptions  to  the  fund  and  debited  for  the  cost  of  the 
securities  bought  by  Morrow  with  the  approval  of  the  Fi- 
nance Committee  for  investment.  The  final  entries  are  for  the 
insurance  and  shipping  charges  on  the  securities  shipped  to 
the  College  and  the  payment  of  the  small  balance  to  H.  W. 
Kidder,  Treasurer.  After  the  war  the  College  transferred  its 
principal  deposit  account  to  J.  P.  Morgan  &  Co.  and  its  se- 
curities were  bought  and  sold  through  the  Morgan  bank. 

We  have  seen  how  important  a  factor  in  the  finances  of  the 
College  the  election  of  President  Meiklejohn  had  proved  to 
be.  The  election  of  Morrow  to  the  Board  in  1916  to  succeed 
Dean  Wilford  L.  Bobbins,  '81,  was,  I  believe,  the  most  impor- 
tant fact  in  the  financial  history  of  the  College  since  Presi- 
dent Hitchcock  had  saved  the  College  from  extinction  some 
seventy  years  earlier.  Morrow's  services  to  his  alma  mater 
had  already  been  important.  His  service  as  trustee  from  1916 
until  his  death  in  1931  was  unique.  Others  have  been  larger 
[134] 


benefactors  in  pecuniary  gifts  to  the  College;  others  have 
been  as  devoted  and  tireless  in  their  work  for  Amherst.  But 
no  one  since  Hitchcock  has  made  a  contribution  as  signifi- 
cant and  as  essential  as  Morrow  was  able  to  make.  And  no 
alumnus  within  my  memory  has  had  the  affection  and  the 
confidence  and  the  respect  which  were  accorded  to  Morrow 
by  his  fellow  trustees  and  alumni  of  all  ages.  If  I  may  use  a 
phrase  of  Professor  Genung,  Morrow's  election  to  the  Am- 
herst Board  was  "providential."  We  are  dealing  now  only 
with  the  history  of  the  endowment  of  the  College.  And 
though  Morrow's  contribution  in  this  aspect  of  the  College 
was  large,  it  was  not  perhaps  his  most  important  contribu- 
tion to  Amherst. 

Morrow's  ability  was  great.  He  was  the  ablest  man  I  have 
ever  been  privileged  to  know.  But  his  human  understanding 
was  as  great  as  his  ability.  And  he  was  completely  unspoiled. 
He  remained  to  the  end  of  his  life  as  simple,  as  warm- 
hearted, as  human,  in  the  widest  sense  of  the  word,  as  he  was 
when  he  endeared  himself  to  his  classmates  as  an  under- 
graduate. He  was  born  in  Huntington,  West  Virginia,  in  1873 
and  died  at  his  home  in  Englewood,  New  Jersey,  in  1931,  at 
the  age  of  fifty-eight.  His  boyhood  was  spent  in  Pittsburgh, 
where  his  father  was  superintendent  of  schools.  Morrow 
wanted  to  go  to  West  Point,  but  the  congressman  from  the 
district  refused  to  consider  him  for  appointment  inasmuch 
as  his  older  brother,  Jay,  was  already  a  West  Point  cadet  ap- 
pointed from  the  district.  Through  the  interest  of  William  D. 
Evans,  '85,  a  practicing  lawyer  in  Pittsburgh,  Morrow's  at- 
tention was  drawn  toward  Amherst.  He  entered  college  in 
1891  loaded  down  with  conditions  because  he  had  not  pre- 
pared in  foreign  languages,  as  he  hoped  to  go  to  the  Military 
Academy.  He  graduated  in  1895  one  of  the  best  students  in 
his  class,  and  the  best  student  in  mathematics  that  George 
Olds  ever  taught.  In  1899  he  graduated  from  Columbia  Law 
School,  and  immediately  entered  the  office  of  Simpson, 
Thacher  and  Bartlett  in  New  York.  He  was  admitted  to  the 
firm  six  years  later,  and  handled  some  of  its  most  important 
and  difficult  negotiations.  In  1914  he  became  a  partner  in 

[135] 


J.  p.  Morgan  &  Co.  In  1927  he  resigned  his  Morgan  partner- 
ship to  accept  the  appointment  of  United  States  Ambassador 
to  Mexico,  where  his  success  was  immediate.  In  1930  he  was 
appointed  to  the  United  States  Senate  from  New  Jersey,  and 
at  the  next  election  he  was  returned  to  the  Senate.  When 
Harold  Nicholson  was  preparing  to  write  Morrow's  biogra- 
phy, he  found  that  one-third  of  his  files  dealt  with  Amherst 
matters. 

Simpson,  Morrow's  former  chief,  was  chairman  of  the  Fi- 
nance Committee  when  Morrow  joined  the  Board,  and  con- 
tinued as  chairman  till  his  death  in  1920.  Morrow  attended 
one  meeting  of  the  committee  after  his  election  in  1916,  and 
five  out  of  six  meetings  in  1917.  Then  he  went  abroad  on  a 
war  mission  for  the  government,  as  member  of  the  American 
Shipping  Mission  and  civilian  aide  to  General  Pershing.  At 
this  time  I  was  serving  as  a  special  assistant  to  Secretary  of 
War  Newton  D.  Baker.  One  afternoon  in  Washington,  Mor- 
row telephoned  me  and  asked  if  I  could  drop  in  to  see  him 
at  his  hotel  before  he  sailed.  I  supposed  he  wished  to  estab- 
lish an  informal  channel  of  communication  with  the  Secre- 
tary of  War,  and  walked  across  Lafayette  Park  to  Morrow's 
hotel.  Morrow  talked  with  me  for  more  than  an  hour,  but 
not  a  word  was  said  about  the  war  except  my  final  good 
wishes  to  him  for  his  voyage.  Morrow  talked  Amherst:  the 
present  condition  of  the  College,  the  deficits,  the  need  for 
more  endowment,  a  program  for  an  appeal  to  the  alumni 
after  the  war;  and  finally  asked  me  if  I  was  prepared  to  do  a 
substantial  amount  of  work  for  the  College  when  the  war 
was  over.  I  told  him  that  I  would  like  to  work  for  the  Col- 
lege when  the  war  was  over,  but  that  until  then  I  was 
completely  committed  in  Washington.  As  I  rose  to  leave,  he 
kept  me  for  a  moment  and  we  both  were  silent.  Then  he 
said  out  of  a  clear  sky,  "  Someday  I  hope  to  see  you  on  the 
Amherst  Board." 

Morrow  returned  to  New  York  directly  after  the  armistice, 
and  in  1919  we  find  him  attending  all  the  meetings  of  the 
Finance  Committee.  A  joint  Trustee-Alumni  Committee, 
after  a  study,  recommended  an  appeal  to  the  alumni  of  the 
[  136  ] 


College  for  a  gift  of  $3,000,000  to  mark  the  centennial  of  the 
College,  which  was  to  be  celebrated  in  1921.  The  committee 
asked  Morrow  to  head  the  Executive  Committee  which 
would  organize  and  direct  the  campaign.  Morrow  agreed  to 
accept  on  condition  that  "  Tug  "  Wilson,  '02,  and  I  would  act 
as  vice-chairmen.  He  told  us  that  we  were  to  direct  the  cam- 
paign, but  that  he  would  undertake  to  do  anything  we  asked 
him  to  do.  We  accepted,  and  for  two  years  Morrow  and  Wil- 
son and  I  spent  a  large  amount  of  time  on  the  project.  The 
meetings  of  the  Alumni  Council  in  Amherst  in  November  of 
1919  and  1920  were  devoted  exclusively  to  the  Centennial 
Gift.  Frederick  Pitkin  Smith,  '08,  was  retained  to  devote  full 
time  to  the  work  of  the  campaign.  Local  committees  were 
formed  in  every  part  of  the  country,  and  did  yeoman  work. 
Special  task  forces  of  volunteers  undertook  to  visit  alumni 
in  localities  where  no  committees  were  available.  At  com- 
mencement in  1921,  the  College  was  able  to  announce  that 
$3,013,115.56  had  been  pledged  by  4,044  alumni,  479  un- 
dergraduates, 138  friends  of  the  College  who  were  not  grad- 
uates, and  two  foundations.  The  General  Education  Board 
made  a  gift  of  $300,000  and  the  Carnegie  Corporation  one  of 
$75,000.  There  were  18  individual  subscriptions  of  $25,000 
or  more,  362  of  $1,000  or  more,  and  3,682  of  less  than  $1,000 
each.  One  striking  feature  of  the  campaign  was  that  nearly 
95%  of  the  total  fund  was  raised  in  a  ten-day  period  in  No- 
vember 1920.  The  balance  was  raised  by  Fred  Allis,  secre- 
tary of  the  Alumni  Council,  between  then  and  commence- 
ment. Among  the  gifts  to  the  fund  was  a  memorial  gift  for 
G.  Henry  Whitcomb,  who  had  served  the  College  so  long  as 
trustee,  working  member  of  the  Finance  Committee,  and 
treasurer.  The  gift  was  made  by  his  three  sons  and  amounted 
to  $17,000. 

I  cannot  close  this  brief  account  of  the  Centennial  Gift 
without  adding  that  President  Meiklejohn  asked  the  Board  of 
Trustees  for  leave  for  the  entire  year  in  which  the  campaign 
was  conducted.  He  spent  the  year  in  Europe  with  his  family 
and  did  no  work  in  the  campaign  to  raise  an  endowment  for 
the  college  of  which  he  was  president.  Wilson  and  I  sent  him 

[137] 


a  cable  asking  him  for  a  message  we  could  send  the  alumni 
as  the  campaign  opened.  The  message  he  cabled  back  to  us 
seemed  to  us  insulting  to  the  alumni.  We  threw  it  into  the 
wastebasket,  and  ourselves  wrote  a  short  message  from  the 
president  of  the  college  to  its  alumni,  and  put  it  in  print  for 
circulation.  When  he  returned  to  a  college  that  had  three  mil- 
lion more  endowment  than  it  had  had  when  he  sailed,  nei- 
ther he  nor  we  referred  to  his  message.  In  the  absence  of  the 
president,  our  committee  sent  three  senior  professors  out  on 
trips  to  the  alumni;  they  accepted  the  assignment  in  addition 
to  their  regular  teaching  load. 

In  1921  there  were  three  changes  in  the  Board  of  Trus- 
tees. George  D.  Pratt,  '93,  succeeded  his  older  brother, 
Charles  M.  Pratt,  who  retired  for  reasons  of  health.  Calvin 
Coolidge,  '95,  was  elected  to  succeed  Professor  Williston 
Walker  on  the  life  Board.  And  to  my  surprise,  I  was  elected 
to  a  five-year  term  by  the  alumni.  George  Pratt  was  added 
to  the  Finance  Committee,  and  later  Calvin  Coohdge  was 
added  to  the  committee.  Later  in  the  decade  I  occasionally 
sat  with  the  committee  on  the  invitation  of  Morrow.  Mor- 
row had  become  chairman,  as  we  have  seen,  in  1920.  Three 
years  later  he  insisted  that  James  accept  the  chairmanship. 
James  did  so,  but  Morrow  continued  to  assume  the  prime  re- 
sponsibility. The  meetings  of  the  committee,  which  had  been 
held  up  to  1920  in  Simpson's  ofiice,  were  now  held  at  23 
Wall  Street.  Careful  minutes  were  kept  and  circulated  to  the 
members.  And  the  bond  experts  of  the  Morgan  Bank,  includ- 
ing Francis  Ward,  prepared  recommendations  for  Morrow 
to  present  to  the  meetings  for  purchase  and  sale.  Occasion- 
ally John  E.  Oldham,  '88,  sat  with  the  committee,  for  Mor- 
row sought  his  advice  continuously. 

In  1920  Morrow  initiated  a  thorough  and  comprehensive 
study  of  the  finances  of  the  College.  His  purpose  was  the 
preparation  of  a  report  to  the  Board  and  to  the  alumni.  No 
formal  treasurer's  report  was  issued  between  1920  and  1924. 
At  a  meeting  of  the  Finance  Committee  on  June  24,  1920,  it 
was  voted  to  have  all  of  the  property  of  the  College  ap- 
praised as  of  June  30,  1920.  The  plant  was  appraised  by  Ira 
[138] 


G.  Hersey  of  Boston,  an  expert  insurance  appraiser  selected 
by  Frank  W.  Stearns  of  the  Board,  and  the  securities  were 
appraised  under  the  direction  of  WilUam  Ewing  of  the  bond 
department  of  J.  P.  Morgan  &  Co.  The  plant,  which  was  car- 
ried on  the  college  books  at  $1,357,950,  was  appraised  at 
$3,431,900.90.  The  securities,  which  were  carried  on  the 
books  at  $3,706,636.22,  were  valued  at  market  at  $3,218,- 
500.65. 

Morrow,  with  the  approval  of  the  Finance  Committee, 
then  appointed  an  informal  committee  to  consider  the  prob- 
lems involved  in  a  comprehensive  report  to  the  alumni.  The 
members  of  this  committee,  John  E.  Oldham,  '88,  a  private 
banker  in  Boston,  and  Howard  A.  Halligan,  '96,  executive 
vice-president  of  Western  Electric  Company,  visited  Amherst 
and  conferred  with  the  treasurer.  And  Morrow  sent  L.  A. 
Keyes,  one  of  the  senior  members  of  the  staJBf  of  the  Morgan 
firm,  to  Amherst  several  times  to  confer  with  the  treasurer 
and  to  examine  the  books  of  the  College. 

As  a  result  of  these  studies  and  conferences.  Treasurer 
Kidder  presented  a  report  to  the  Finance  Committee,  which 
was  concurred  in  by  Messrs.  Oldham  and  Halligan.  Its  prin- 
cipal recommendations  were  as  follows: 

1.  That  the  Plant  be  carried  at  its  former  book  value,  but 
that  $135,233  be  added  to  this  book  value  to  cover  expenditures 
during  the  past  ten  years  in  the  nature  of  improvements  and 
permanent  betterments  to  Plant  which  had  been  charged  to 
expense. 

2.  That  $45,000  be  charged  to  Capital  account  to  cover  the 
cost  of  specimens  and  equipment  for  the  laboratories  which 
had  been  added  during  the  past  ten  years  and  charged  to 
expense. 

3.  That  North  and  South  Dormitories,  heretofore  carried  on 
the  books  as  Real  Estate  Investments  at  an  aggregate  amount 
of  $60,000,  be  transferred  to  Plant  Account  where  other  dormi- 
tories were  carried. 

4.  That  600  shares  of  Great  Northern  Iron  Ore  Certificates, 
which  the  College  received  as  a  dividend  on  its  Great  Northern 
stock,  be  placed  on  the  books  at  present  market  price  of  $30 
per  share. 

[139] 


5.  That  the  $83,000  par  value  of  securities  received  in  Janu- 
ary to  endow  the  Amherst  Memorial  Fellowships  be  placed  on 
the  books  at  the  market  value  of  the  day  received. 

6.  That  interest  and  dividends  accrued  but  not  yet  paid  be 
carried  on  the  books  as  an  asset  at  the  close  of  the  fiscal  year. 

The  treasurer  then  called  attention  to  the  fact  that  the  ac- 
cumulated deficit  on  the  books  at  June  30,  1920  amounted  to 
$259,194.31.  In  addition,  there  was  a  deficit  of  $15,111.46 
made  up  of  expenditures  for  scholarships  in  excess  of  income 
for  this  purpose.  The  account  covering  Gain  and  Loss  on  In- 
vestments w^as  in  debit  $81,614.19.  He  estimated  the  operat- 
ing deficit  for  the  current  year  at  $85,000  and  the  net  gain  on 
security  transactions  of  the  year  at  $28,000.  He  then  pointed 
out  that  if  the  changes  recommended  by  him  were  approved 
by  the  Finance  Committee  and  made  at  the  closing  of  the 
books  on  June  30,  1921,  the  deficit  at  that  date  would  be  ap- 
proximately $165,000. 

It  is  not  easy  to  determine  from  the  books,  at  the  present 
time,  what  action  was  taken  by  the  Finance  Committee  on 
these  recommendations.  A  careful  examination  by  the  pres- 
ent comptroller  of  the  College  seems  to  indicate  that  the 
Dormitories  were  transferred  to  Plant  as  suggested.  This 
was  of  course  sound  procedure.  Accrued  interest  on  invest- 
ments was  picked  up  to  the  amount  of  $81,117.05.  Part  of  the 
deficit,  $120,807.53,  was  charged  oflF  to  the  Sage  Fund,  which 
was  unrestricted;  the  balance  was  apparently  picked  up  by 
an  adjustment  of  Plant  Account. 

While  these  studies  were  being  made  at  the  instance  of 
Morrow,  the  relations  between  the  president  of  the  College 
and  the  faculty  and  between  the  president  and  the  board 
were  rapidly  deteriorating.  At  the  commencement  meeting 
of  the  Board  in  1923,  the  president  presented  his  resigna- 
tion and  it  was  accepted.  George  Daniel  Olds,  who  had  just 
retired  for  age  from  the  post  of  dean  of  the  College,  was  im- 
mediately elected  to  the  presidency,  and  held  the  ofiice  until 
1927.  At  the  commencement  meeting  of  the  Board  in  that 
year,  Arthur  Stanley  Pease  was  elected  the  tenth  president 
of  the  College  to  succeed  Olds,  and  served  five  years.  In  1932 
[140] 


he  resigned  to  accept  a  professorship  of  Latin  at  Harvard, 
his  alma  mater.  Neither  President  Olds  nor  President  Pease 
took  an  active  part  on  the  financial  side  of  the  College.  And 
Presidents  Meiklejohn,  Olds,  and  Pease  had  each  made  it  a 
condition  of  his  acceptance  of  the  office  that  it  should  not  be 
considered  one  of  the  duties  of  the  president  to  solicit  gifts 
for  the  College.  In  general,  the  stimulation  of  gifts  was  left 
to  Mr.  Plimpton  and  Mr.  Allis,  and  after  I  came  on  the  Board 
I  collaborated  with  Mr.  Plimpton  in  certain  enterprises  in 
this  field. 

We  must  return  now  to  the  studies  under  way  of  the  Col- 
lege's financial  picture.  Morrow  was  not  yet  satisfied  with  the 
results  thus  far  attained.  At  his  own  expense  he  retained 
Charles  A.  Andrews,  his  classmate,  who  was  later  to  become 
treasurer  of  the  College.  Andrews  was  at  the  time  associated 
with  the  firm  of  Merrill  Oldham  &  Co.  of  Boston,  private 
bankers,  of  which  John  E.  Oldham,  '88,  was  senior  partner. 
Andrews  spent  an  immense  amount  of  time  and  had  the  as- 
sistance of  the  treasurer's  office  and  of  two  of  the  senior 
members  of  the  staflF  of  J.  P.  Morgan  &  Co.  And  Morrow  him- 
self kept  closely  in  touch  with  the  enterprise,  and  spent 
many  week-ends  in  conference  with  Andrews.  Morrow  was 
desirous  that  the  report  when  completed  should  be  in  sim- 
ple English  without  technical  financial  terms,  so  that  it 
would  be  easily  understood  by  laymen  and  would  give  to  the 
alumni  a  clear  and  comprehensive  picture  of  the  finances  of 
the  College.  The  report  which  gradually  took  shape  covered 
the  present  financial  situation  of  the  College,  including  the 
amount  of  the  endowment,  the  manner  in  which  it  was  in- 
vested, an  account  of  each  of  the  pei*manent  funds  of  the 
College,  an  historical  study  of  the  development  of  the  cam- 
pus and  the  college  plant,  a  statement  of  the  income  of  the 
College  and  its  sources,  a  statement  of  the  costs  of  operat- 
ing the  College,  an  account  of  the  Charitable  Fund,  of  the 
Alumni  Fund,  of  the  Centennial  Gift,  a  statement  of  the  ap- 
propriations from  the  Centennial  Gift  made  by  the  Board 
after  consultation  with  the  appropriate  alumni  and  faculty 
representatives,  and  a  statement  of  the  amount  of  tuition 

[141] 


charged  to  students  from  the  beginning  of  the  College  to  the 
present. 

The  report  was  put  in  proof  form  and  restudied.  Finally, 
when  Morrow  was  satisfied  that  it  was  as  good  a  piece  of 
work  as  could  be  done,  he  submitted  it  to  the  Finance  Com- 
mittee for  its  criticism.  The  Committee  adopted  the  report 
as  its  own  and  submitted  it  to  the  Board  under  the  date  of 
June  30,  1924.  The  Alumni  Council  asked  the  Board  to  mail 
a  copy  to  every  alumnus,  and  in  February  1925  the  Report  of 
the  Finance  Committee  to  the  Trustees  of  Amherst  College 
—  of  June  SO,  1924  was  mailed  to  the  alumni.  It  comprised 
sixty-eight  pages.  For  the  first  time  in  the  history  of  the  Col- 
lege, its  alumni  were  given  a  complete  and  easily  read  story 
of  the  finances  of  their  college. 

We  must  now  examine  the  report  in  some  detail.  The  to- 
tal assets  of  the  College  are  stated  at  $8,744,677.15,  in  com- 
parison with  a  figure  of  $3,699,113.07  in  1912,  an  increase  of 
139%.  Plant  Assets  have  risen  from  $1,050,731  to  $1,904,758, 
an  increase  of  81%.  Investments  have  risen  from  $2,629,509  to 
$6,717,787,  an  increase  of  155%.  A  comparison  with  previous 
decades  shows  the  following  results: 

1875  Total  Endowment,  excluding  Charitable  Fund  $    584,845 

1882  Total  Endowment,  excluding  Charitable  Fund  913,331 

1892  Total  Endowment,  excluding  Charitable  Fund  1,225,184 

1903  Total  Endowment,  excluding  Charitable  Fund  1,671,066 

1912  Total  Endowment,  excluding  Charitable  Fund  2,629,509 

1924  Total  Endowment,  excluding  Charitable  Fund  6,717,787 

The  Charity  Fund  has  risen  from  $95,000  in  1912  to  $103,- 
697.  The  Alumni  Fund,  not  included  in  the  above  total,  now 
stands  at  $101,068.  And  the  treasurer  of  the  Centennial  Gift 
Fund  reports  that  he  has  in  hand,  not  yet  turned  over  to  the 
College,  cash  and  securities  of  $46,426  plus  unpaid  subscrip- 
tions of  over  half  a  million  dollars. 

This  is  an  impressive  statement.  The  endowment  has 
shown  an  increase  of  155%,  not  counting  the  Alumni  Fund 
and  the  funds  still  held  by  the  treasurer  of  the  Centennial 
Gift.  If  we  include  the  Alumni  Fund  and  the  cash  and  se- 
[142] 


curities  still  in  the  hands  of  the  Centennial  Gift,  the  increase 
is  161%.  We  must  now  turn  back  and  examine  the  recent  ad- 
ditions to  the  permanent  funds  of  the  College. 

In  addition  to  the  Centennial  Gift  from  the  alumni,  the 
College  had  received  three  additions  to  its  permanent  funds. 
Mrs.  Simpson  and  Miss  Jean  Simpson  gave  Amherst  a  fund 
of  $150,000  in  1921  in  memory  of  Mr.  Simpson.  The  fund  is 
called  the  John  WoodruflF  Simpson  Fellowship  Fund  and  the 
income  is  used  for  graduate  fellowships  and  for  bringing  dis- 
tinguished scholars  to  Amherst  as  lecturers. 

The  following  year,  on  the  death  of  Edmund  C.  Converse, 
the  generous  donor  of  the  Converse  Memorial  Library  in 
memory  of  his  brother,  James  B.  Converse  of  the  class  of 
'67,  the  College  received  a  fund  of  $200,000  for  the  "  upkeep 
and  development  of  the  library,"  and  a  separate  bequest  of 
$50,000  for  a  scholarship  fund.  These  gifts  were  the  result 
of  suggestions  made  to  Mr.  Converse  by  Morrow  and  by 
WiUiam  R.  Mead,  '67. 

In  1923  the  College  received  a  gift  of  $100,000  from  a 
donor  who  desired  to  remain  anonymous,  with  the  obligation 
on  the  College  to  pay  certain  life  insurance  premiums  during 
the  life  of  the  donor  in  an  amount  not  exceeding  $4,000  in 
any  year.  This  fund  appears  on  the  college  books  as  the  Con- 
ditional Endowment  Fund. 

In  addition  to  its  endowment  and  to  the  Charitable  Fund, 
the  College  now  had  the  Alumni  Fund,  with  assets  of  $101,- 
068.59.  A  brief  account  of  this  fund  is  given  in  the  Report  of 
the  Finance  Committee,  and  must  be  summarized  here.  The 
Alumni  Fund  was  started  in  1906  by  gifts  totaling  $115  from 
six  persons,  chiefly  members  of  the  classes  of  1856  and  1862. 
These  gifts  were  made  in  consequence  of  a  movement  to  es- 
tablish such  a  fund  by  the  classes  of  '56,  '66,  '71,  '76,  '81,  '86, 
'91,  '96,  '00,  '03,  which  were  holding  reunions  at  the  time, 
and  by  the  classes  of  '94  and  '95.  A  committee  was  formed  to 
administer  the  Fund,  under  the  chairmanship  of  Talcott  Wil- 
liams, '73.  As  a  result  of  the  efforts  of  this  committee,  $20,- 
521.40  was  raised,  and  on  the  organization  of  the  Alumni 
Council  in  1914,  this  sum  was  turned  over  to  the  treasurer  of 

[143] 


the  General  Alumni  Fund  of  the  Alumni  Council  as  a  basis 
for  its  work. 

The  Alumni  Fund  Committee  of  the  Alumni  Council,  of 
which  Dwight  Morrow  was  the  first  chairman,  decided  to 
limit  its  appeal  to  classes  and  at  reunion  periods  only,  and 
by  this  method,  at  the  commencements  of  1914  to  1919 
inclusive,  $123,678.85  was  contributed.  The  Alumni  Fund 
Committee  suspended  its  work  during  the  years  1920,  1921, 
and  1922  because  of  the  Centennial  Gift  Campaign. 

In  1922  the  Alumni  Fund  was  reorganized  as  recom- 
mended by  a  special  committee  of  which  Howard  A.  Halli- 
gan,  '96,  was  chairman.  From  its  beginning  to  June  30,  1924, 
the  Alumni  Fund  received  as  gifts  $170,292.25  and  as  income 
$42,976.18,  a  total  of  $213,268.43.  During  the  same  period 
the  Fund  paid  out  to  the  College  for  instruction  $29,730  and 
for  general  college  purposes  $29,279.76,  a  total  of  $59,009.76; 
and  to  the  Alumni  Council  for  administrative  expenses  $46,- 
476.43  and  for  special  purposes  $6,713.65,  a  total  of  $53,- 
190.08.  On  June  30,  1924  the  Alumni  Endowment  Fund  held 
cash  and  securities  of  $101,068.59.  The  legal  title  to  the  Fund 
is  in  the  Trustees  of  the  College;  the  principal  of  the  Fund  is 
invested  by  the  Finance  Committee  of  the  Board;  and  the 
treasurer  of  the  College  is  treasurer,  ex  officio,  of  the  Alumni 
Fund.  The  disposition  of  the  income  of  the  Fund  is  subject  to 
the  joint  action  of  the  Trustees  of  the  College  and  the  Alumni 
Council. 

In  discussing  the  securities  of  the  College,  the  Report  of 
the  Finance  Committee  points  out  that  they  "  constitute  the 
great  bulk  of  the  income-producing  property  which  makes 
possible  the  continued  activity  of  the  College.  The  figures  at 
which  these  securities  are  carried  are  actual  cost  for  such  as 
have  been  purchased,  and  appraised  value  at  date  of  receipt 
for  such  as  have  been  donated,  except  that  all  Liberty  bonds 
donated  in  fulfillment  of  Centennial  Gift  pledges  are  carried 
at  par.  All  investments  are  made  under  the  supervision  and 
with  tlie  approval  of  the  Finance  Committee.  During  the  past 
three  years  much  attention  has  been  given  to  the  invest- 
ments, and  numerous  changes  have  been  made  in  the  list. 
[144] 


"  It  should  be  remembered  that  many  of  the  securities 
owned  by  the  College  have  been  given  to  it.  It  is  not  always 
easy  and  sometimes  it  is  not  permitted  to  dispose  of  these 
securities  even  though  it  may  seem  to  the  Finance  Commit- 
tee wise  to  do  so.  It  should  also  be  remembered  that  many 
of  the  investments  of  the  College  were  made  years  ago  when 
its  endowment  was  small.  This  fact  explains  the  presence  of 
many  investments  in  small  amounts.  It  has  been  the  policy 
of  the  Trustees  gradually  to  dispose  of  these  small  invest- 
ments or  to  add  to  their  amount  if  they  have  proved  of  de- 
sirable character  in  order  that  the  work  and  expense  of  ad- 
ministration may  be  kept  at  a  minimum.  The  increase  in  the 
size  of  the  endowment  has  made  it  possible  more  recently 
to  make  somewhat  larger  units  of  investment  than  was  the 
practice  in  earlier  years.  In  making  investments  in  larger 
amounts,  your  committee  has  constantly  kept  in  mind  the 
wisdom  of  diversity  in  risk." 

The  distribution  of  the  investments  of  the  College  is  given 
as  follows: 
Real  Estate,  consisting  of  19  dwelling 

houses  in  Amherst  occupied  for  the 


most  part  by  members  of  the 

;  faculty 

$    160,830 

Sears  property  in  Boston 

24,797 

$    185,627 

Bonds: 

Government  and  Municipal 

1,008,548 

Railroad 

2,721,702 

Public  Utility 

1,568,857 

Industrial 

775,082 

Miscellaneous 

28,000 

6,102,189 

Stocks: 

Railroad 

189,724 

Public  Utility 

5,000 

Industrial 

198,114 

392,838 

Notes  Receivable 

1,800 

Savings  Bank  Deposits 

17,332 

Securities  deposited  as  pledge 

of  cash 

subscription  to  1918  endowment 

18,000 

Miscellaneous  securities  of  un 

certain  va 

kie 

1 

$6,717,787 

[145] 

The  Charity  Fund  is  invested  in  mortgage  notes  and 
bonds,  the  Alumni  Fund  in  bonds  except  for  one  small  item 
of  preferred  stock  received  as  a  gift. 

During  the  seven  years  which  followed,  Morrow  continued 
to  diiect  the  investment  policy  of  the  College.  After  liis  res- 
ignation from  the  Morgan  firm  in  1927,  he  spent  much  of  his 
time  away  from  this  country,  first  in  Mexico  and  later  at 
the  London  Naval  Conference.  I  find  no  minutes  of  formal 
meetings  of  the  Finance  Committee  during  this  period. 
Doubtless  none  were  held.  But  on  his  frequent  returns  to 
New  York  he  would  make  the  decisions  wliich  he  considered 
necessary  for  changes  in  the  portfolio.  Whether  in  Mexico 
City  or  London  or  Washington,  his  interest  in  the  College 
continued.  Much  of  the  work  he  had  done  as  chairman  of 
the  Executive  Committee  of  the  Board  was  taken  over  by 
Dean  Woodbridge,  who  succeeded  him  as  chairman,  and  by 
me.  In  1927,  when  I  retired  from  active  business,  I  was  able 
to  visit  the  College  oftener,  and  I  gradually  assumed  more 
responsibility  outside  my  immediate  responsibilities  for  the 
development  of  the  Buildings  and  Grounds.  My  wife  and  I 
were  spending  some  time  in  travel,  and  I  would  see  Mor- 
row in  Washington  or  London  or  Paris  and  discuss  college 
problems  with  him,  for  we  still  relied  heavily  on  him  for 
counsel. 

Small  matters  in  connection  with  the  administration  of  the 
treasurer's  ofiice  would  come  to  my  attention  during  my  vis- 
its to  the  College,  and  I  would  have  them  corrected.  Harry 
Kidder,  hard-working  and  honest  and  entirely  devoted  to  the 
institution  to  which  he  was  devoting  his  life,  was  a  man  of 
obstinate  prejudices.  For  some  reason  he  had  taken  a  dislike 
to  the  Amherst  Water  Company  and  to  the  First  National 
Bank  of  Amherst.  Ernest  M.  Whitcomb  was  president  of  the 
bank  and  treasurer  of  the  Water  Company.  Kidder  would  al- 
low the  water  bills  of  the  College  to  go  unpaid  for  months 
and  sometimes  for  more  than  a  year.  He  would  overdraw  the 
college  account  at  the  bank  and  disregard  their  letters.  Nei- 
ther the  bank  nor  the  Water  Company  was  willing  to  take 
the  action  against  the  College  that  they  might  well  have 
[146] 


taken  against  a  private  customer.  The  matter  would  be  dis- 
cussed in  directors'  meetings  and  irritation  would  result,  at  a 
period  when  I  was  attempting  to  improve  relations  between 
"  town  and  gown."  I  corrected  the  situation  as  soon  as  I 
learned  of  it,  but  I  could  not  be  sure  it  would  not  occur 
again.  The  treasurer  on  his  periodic  trips  to  Springfield  to 
cut  coupons  would  put  the  coupons  and  any  bonds  he  was 
withdrawing  from  the  vaults  in  a  small  bag,  and  then  leave 
tliis  around  carelessly  while  he  bought  his  lunch  and  did 
other  errands  in  Springfield.  He  never  lost  any  coupons,  but 
the  practice  was  so  loose  as  to  cause  comment.  This  too  was 
corrected. 

In  the  late  summer  of  1929,  Morrow  asked  me  to  visit  him 
at  his  summer  home  in  Northaven,  Maine.  Mrs.  King  did  not 
accompany  me  as  Mrs.  Morrow  was  not  to  be  at  home.  When 
I  arrived,  I  found  that  Morrow,  his  brother,  General  Jay 
Morrow,  and  myself  were  to  make  up  the  week-end  party. 
We  spent  most  of  each  day  in  long  walks,  and  Morrow  talked 
to  me  about  the  College.  The  country  at  the  time  was  at  the 
culmination  of  the  boom.  Paper  fortunes  had  been  made  in 
the  stock  market.  The  popular  sentiment  expected  an  era  of 
pei-manent  good  times,  and  this  sentiment  was  supported  by 
the  occasional  statements  made  public  by  leaders  in  down- 
town New  York.  Morrow  was  one  of  the  very  few  men  who 
took  the  opposite  view.  He  felt  there  was  no  justification  for 
the  prices  at  which  stocks  were  selling  in  the  market,  and  he 
had  acted  in  accordance  with  this  judgment  in  the  manage- 
ment of  the  college  portfolio.  As  a  result,  the  College's  in- 
vestments stood  up  well  in  the  October  crash  and  in  the  de- 
pression which  followed. 

On  this  same  week-end  in  Maine,  Morrow  discussed  with 
me  the  need  of  adding  to  the  Finance  Committee  a  new 
member  who  could  gradually  relieve  him  of  the  detailed  re- 
sponsibility for  investment  policy.  He  suggested  that  I  join 
the  committee  and  take  on  this  work.  When  I  told  him  that 
I  did  not  have  the  training  and  experience  in  the  bond  mar- 
ket, he  said  that  he  could  arrange  for  my  education  in  this 
field  in  a  relatively  short  time.  I  did  not  wish  to  take  on  this 

[147] 


responsibility,  however,  and  declined.  I  suggested  to  him  the 
name  of  Robert  W.  Maynard,  '02,  president  of  R.  H.  Stearns 
Co.  of  Boston.  Maynard  had  just  been  elected  to  the  Board 
as  an  alumni  trustee,  and  at  the  autumn  meeting  of  the 
Board,  which  followed  soon  after  our  Maine  week-end,  he 
was  added  to  the  Finance  Committee.  Maynard  and  I  had 
been  contemporaries  in  college  and  in  the  Harvard  Law 
School;  in  both  he  had  made  a  brilliant  record.  He  was  now 
a  director  of  the  Merchants  Bank  in  Boston,  and,  above  all, 
he  had  the  poise  and  judgment  necessary  for  this  vital  re- 
sponsibility. 

During  the  same  seven-year  period  ( 1924-1931 )  a  move- 
ment developed  in  the  Board  to  raise  the  salaries  of  the  sen- 
ior professors  on  the  faculty.  The  highest  salary  in  1924  was 
$5,500.  We  set  out  to  establish  a  few  endowed  professor- 
ships paying  $8,000  a  year.  Morrow  led  off  with  a  gift  of 
$160,000  to  found  a  professorship  of  history,  and,  with  char- 
acteristic modesty,  he  insisted  that  it  be  named  for  Anson  D. 
Morse,  who  had  held  a  chair  of  history  at  the  College  from 
1878  until  1907.  Morrow  expressed  the  preference  that  the 
chair  be  held  by  a  professor  of  American  history,  and  Fred- 
eric L.  Thompson,  '92,  of  the  faculty  was  the  natural  candi- 
date for  the  appointment.  He  was  a  close  friend  of  Mor- 
row's and  in  fact  of  most  of  the  Board.  But  Thompson,  with 
equal  modesty,  recommended  that  the  appointment  go  to  a 
colleague  who  had  recently  been  called  to  Amherst  from 
Rochester. 

Then  Mr.  Plimpton  called  on  Mrs.  William  H.  Moore  of 
New  York  and  asked  her  whether  she  would  give  an  equal 
amount  to  found  a  professorship  in  memory  of  her  late  hus- 
band, Wilham  Henry  Moore.  Moore  (1848-1923)  was  born 
in  Utica,  New  York,  the  son  of  a  merchant  and  banker.  He 
entered  Amherst  in  1867,  but  was  forced  to  leave  college 
after  three  years  for  reasons  of  health.  He  visited  Eau  Claire, 
Wisconsin,  and,  finding  the  climate  beneficial,  read  law  and 
was  admitted  to  the  bar  in  1872.  Later,  he  practiced  in  Chi- 
cago. He  made  his  fortune  as  a  business  organizer,  and  his 
most  notable  success  was  the  formation  of  four  great  cor- 
[148] 


porations  known  as  the  Moore  Group,  with  a  combined  capi- 
tal of  $187,000,000,  later  merged  with  the  United  States 
Steel  Company.  He  married  Ada  Small,  the  daughter  of 
Judge  Small,  his  early  law  partner.  In  1905  Amherst  awarded 
him  the  degree  of  Bachelor  of  Arts,  extra  ordinem.  Mrs. 
Moore  told  Plimpton  that  she  had  no  interest  whatever  in 
founding  a  professorship  in  her  husband's  memory,  and  then 
paused  to  let  the  remark  sink  in.  Plimpton's  spirits  fell,  for  he 
had  expected  a  favorable  answer.  Then  Mrs.  Moore  asked 
whether  the  College  would  not  like  a  building.  Plimpton 
agreed  at  once,  and  suggested  that  a  building  would  cost 
much  more.  "  How  much?  "  asked  Mrs.  Moore,  and  Plimpton 
said  he  would  have  to  consult  Stanley  King. 

I  told  Mr.  Plimpton  that  in  my  judgment  our  most  serious 
need  in  this  field  was  a  new  chemistry  building.  For  years 
the  departments  of  physics  and  chemistry  had  shared  the 
Fayerweather  Laboratory.  But  with  the  growth  in  the  size  of 
the  College,  and  the  increasing  elections  of  courses  in  phys- 
ics and  chemistry,  our  work  in  these  two  departments  was 
seriously  crowded.  Plimpton  and  I  asked  Mr.  Mead  to  have 
his  firm  prepare  preliminary  sketches  for  a  chemistry  build- 
ing and  make  tentative  estimates  of  cost.  Sketches  were 
made  by  McKim,  Mead  &  White,  and  their  preliminary  esti- 
mates indicated  a  cost  of  at  least  $350,000.  Plimpton  reported 
the  figure  to  Mrs.  Moore  and  she  said  at  once  that  she  and 
her  two  sons,  Edward  Small  and  Paul  Moore,  would  be  happy 
to  give  a  new  chemistry  laboratory  to  the  College  in  mem- 
ory of  Mr.  Moore.  A  contract  was  let  in  1928  and  construc- 
tion begun.  Mrs.  Moore  wished  to  have  the  building  first- 
class  in  every  respect,  and  the  costs  mounted  as  the  work 
progressed.  When  Plimpton  brought  the  matter  to  Mrs. 
Moore's  attention,  she  was  undismayed.  She  said  that  she 
had  not  promised  to  give  $350,000,  that  in  fact  she  had 
never  promised  any  fixed  figure,  but,  rather,  had  promised  to 
give  a  building,  and  she  wanted  the  building  well  built. 

The  Moore  Laboratory  of  Chemistry  was  formally  dedi- 
cated on  October  29,  1929.  Mrs.  Moore  and  her  family  came 
to  Amherst  for  the  dedication.  She  was  a  guest  at  the  presi- 

[149] 


dent's  house,  and  Mr.  and  Mrs.  George  Pratt  were  hosts  to 
one  of  her  sons,  while  Mrs.  King  and  I  were  hosts  to  the 
other.  A  few  hours  before  the  dedication  was  to  take  place, 
we  learned  from  New  York  of  the  historic  break  in  prices  on 
the  stock  exchange.  At  noon  Mrs.  Moore  called  her  two  sons 
into  conference  with  her.  At  the  conclusion  of  the  conference 
she  told  Mr.  Plimpton  that  she  had  just  realized  that  they 
were  doing  a  great  disservice  to  the  College  in  presenting  a 
building  which  would  be  expensive  to  maintain,  and  that 
this  would  have  shocked  her  late  husband  profoundly.  She 
added  that  her  sons  would  join  with  her  in  making  an  addi- 
tional gift  to  the  College  of  $250,000  to  endow  the  building. 
Morrow  presented  a  portrait  of  Mr.  Moore  by  Cartotto  to  be 
hung  in  the  lobby  of  the  new  laboratory.  The  total  gift  of 
Mrs.  Moore  and  her  sons  was  therefore  in  the  neighborhood 
of  three-quarters  of  a  million  dollars. 

It  was  several  years  before  we  received  our  next  endowed 
professorship.  Then,  in  1930,  on  the  fiftieth  reunion  of  the 
class  of  1880,  the  class  presented  the  College  with  cash  and 
securities  of  $160,000  to  establish  the  Class  of  1880  Profes- 
sorship of  Greek.  All  living  members  of  the  class  contributed, 
but  the  fund  was  underwritten  by  two  members  of  the 
class  who  were  wealthy,  James  Turner  and  Arthur  Norris 
Milliken. 

James  Turner  (1858-1940)  was  born  in  Brooklyn,  gradu- 
ated from  Amherst  in  1880,  attended  Columbia  Law  School, 
and  for  a  quarter  of  a  century  was  engaged  in  manufactur- 
ing, commerce,  and  finance.  He  had  retired  in  1906  and  de- 
voted his  attention  to  family  trusts  and  to  a  foundation  of 
which  he  was  president.  Turner  had  never  married.  When  I 
knew  him  he  lived  with  an  unmarried  sister  and  an  unmar- 
ried brother  in  a  large  house  in  Montclair.  His  generosity  to 
the  College  was  continuous  and  imaginative.  He  came  often 
to  Amherst  and  quietly  sought  out  ways  in  which  he  could 
provide  for  some  need  of  the  College.  His  gifts  during  his 
lifetime  included  an  endowment  for  the  religious  work  of 
the  College,  the  house  library  in  South  College,  the  Little 
Red  Schoolhouse,  and  a  large  gift  to  his  fraternity,  Delta 
[150] 


Upsilon,  to  complete  the  financing  of  their  chapter  house.  In 
his  will,  he  left  $200,000  as  permanent  endowment  for  the 
Alumni  Fund.  His  closest  friends  at  Amherst  were  the  Allises 
and  the  Kings;  but  closer  still  was  the  perennial  secretary  of 
the  class  of  1880,  Judge  Henry  Field  of  Northampton,  who 
would  come  to  the  Lord  Jeffery  Inn  whenever  Turner  was  a 
guest  at  the  Inn. 

Arthur  N.  Milliken  (1858-1936)  was  born  in  Boston,  and, 
after  college,  graduated  from  Boston  University  Law  School 
and  practiced  law  in  Boston.  He  married  a  large  fortune,  and 
his  wife  and  he  had  no  children.  I  came  to  know  him  only  in 
the  last  years  of  his  life.  His  gift  of  the  Hitchcock  Memorial 
Room  and  his  bequest  to  the  College  of  $300,000  brought  his 
total  gifts  to  his  alma  mater  to  nearly  half  a  million  dollars. 

Meanwhile,  Mr.  Plimpton  had  written  a  letter  to  Edward  S. 
Harkness  (1874-1940),  the  New  York  philanthropist  who 
was  making  princely  gifts  to  Harvard,  Yale,  Exeter,  and  other 
institutions.  In  his  letter,  Plimpton  pointed  out  that  in  the 
Pelham  cemetery  there  were  several  Harkness  graves  which 
were  not  being  cared  for.  He  suggested  that  the  Trustees  of 
Amherst  would  be  glad  to  provide  perpetual  care  for  these 
graves  if  Mr.  Harkness  wished  to  give  $160,000  to  found  a 
professorship.  It  was  an  arresting  letter  in  Plimpton's  best 
style.  Harkness  replied  asking  a  large  number  of  questions 
about  the  College  for  which  President  Pease  prepared  the 
answers.  Then  Harkness  said  he  would  make  such  a  gift  if 
Amherst  raised  the  funds  for  five  other  professorships.  We 
already  had  two,  given  by  Morrow  and  by  the  class  of  1880. 
We  needed  three  more  to  meet  the  condition  set  by  Hark- 
ness. And  I  shall  tell  the  story  of  these  a  little  later. 

In  June  1930  occurred  the  death  of  Henry  Clay  Folger  of 
the  class  of  1879.  And  a  few  days  later  we  were  surprised  to 
read  in  the  New  York  papers  that  he  had  made  the  Trustees 
of  Amherst  College  his  principal  legatee.  The  Trustees  of  the 
College  were  to  receive  the  beautiful  library  in  Washington 
then  under  construction,  the  collection  of  Shakesperiana 
which  Mrs,  Folger  and  he  had  spent  their  lives  in  assembling, 
and  the  bulk  of  his  large  estate  as  an  endowment  for  the  Fol- 

[151] 


ger  Shakespeare  Memorial  Library.  No  member  of  the  Board 
knew  that  this  princely  gift  was  to  come  to  the  Board.  When 
Folger  let  the  contract  for  the  building  in  Washington  lo- 
cated next  to  the  Congressional  Library,  it  was  assumed  that 
he  would  make  the  Library  of  Congress  his  legatee.  The  will, 
however,  provided  that  all  should  come  to  the  trustees  of 
his  alma  mater,  and  it  added  that  if  the  Amherst  Board  de- 
clined the  bequest  or  later  relinquished  it,  it  should  then  go 
to  the  Trustees  of  the  University  of  Chicago.  In  case  they 
declined  or  relinquished  the  trust,  it  should  go  to  the  Library 
of  Congress  Trust  Fund  Board.  Mr.  Folger  made  the  further 
provision  that  the  Trustees  of  Amherst  should  receive  for 
their  services  in  administering  his  trust  one  hundred  thou- 
sand dollars  a  year  for  the  use  of  the  College.  This  was  equiv- 
alent to  a  gift  to  the  College  of  two  million  dollars  invested 
at  five  per  cent. 

Folger  had  for  years  spent  more  money  for  his  collection 
than  he  had  received  as  income.  On  his  death  he  had  bank 
debts  as  well  as  notes  to  Mrs.  Folger  which  were  a  charge 
against  the  estate.  Mrs.  Folger  had  not  expected  to  present 
these  notes  for  payment  by  her  husband's  estate  for  she  was 
as  interested  in  the  Library  as  he.  But  Mr.  Plimpton  talked 
with  her  and  suggested  that  here  was  an  opportunity  for  her 
to  establish  a  permanent  memorial  at  the  College  in  the  form 
of  three  professorships.  As  a  result  of  these  conversations, 
Mrs.  Folger  gave  the  College  notes  of  her  late  husband  in  the 
amount  of  $480,000,  to  found  three  professorships,  to  be 
named  for  Henry  C.  Folger,  for  Emily  C.  Jordan  Folger,  and 
for  Eliza  J.  Clark  Folger,  the  latter  her  husband's  mother. 
The  notes  were  paid  by  the  estate.  In  return,  the  College 
agreed  to  reduce  the  amount  to  be  paid  the  College  as  com- 
pensation for  the  services  of  the  Trustees  from  $100,000  to 
$76,000  per  annum.  The  College  now  had  five  endowed  pro- 
fessorships of  $160,000  each.  Plimpton  and  I  then  presented 
a  complete  statement  of  the  facts  to  Mr.  Harkness  and  he 
agreed  that  the  conditions  of  his  gift  had  been  met.  Shortly 
thereafter  we  received  a  check  for  $160,000  to  establish  a 
professorship  in  his  name.  And  the  Board  thereupon  set  up 

[152] 


a  fund  of  $2,000  in  the  Amherst  Savings  Bank  to  provide  an 
income  sufficient  to  provide  perpetual  care  for  the  Harkness 
graves  in  the  Pelham  cemetery. 

President  Pease  did  not  wish  to  take  on  the  added  respon- 
sibihty  for  the  Folger  Shakespeare  Library,  and  I  assumed 
this  for  the  Board,  except  for  the  problems  of  investment, 
which  were  taken  by  the  Finance  Committee,  and  except  for 
the  problems  of  Mrs.  Folger's  personal  investments  on  which 
she  wished  advice.  Morrow  became  for  the  time  being  her 
financial  adviser;  her  entire  fortune,  she  told  us,  was  to  come 
to  the  Board  to  be  added  to  the  Folger  endowment.  A  new 
standing  committee  was  established  by  the  Board  for  the 
Folger,  and  Morrow  was  made  chairman.  Plimpton  and  I 
were  the  other  active  members.  In  fact,  when  I  had  read  the 
first  announcement  of  the  gift  in  the  New  York  Times,  I  had 
telephoned  Morrow  and  we  had  agreed  that  I  should  go  at 
once  to  Washington  and  take  over  the  building  contract  in 
behalf  of  the  Board. 

It  was  obvious  to  me  that  Treasurer  Kidder  could  not  as- 
sume the  added  responsibility  which  now  fell  to  the  treasur- 
er's office  in  the  management  of  and  accounting  for  the  large 
endowment  which  was  presently  to  come  to  the  Board  from 
the  Folger  estate.  He  was  already  overworked  and  had  been 
for  years.  During  the  summer  of  1930,  as  I  turned  the  matter 
over  in  my  mind,  I  became  convinced  that  we  must  add  an- 
other man  to  the  college  administration,  and  that  he  ought 
to  take  the  office  of  treasurer.  In  such  event  Kidder  might 
well  be  given  a  new  office  as  comptroller,  with  his  responsi- 
bilities limited  to  the  receipt  and  disbursement  of  our  funds 
and  the  supervision  of  the  accounts.  The  problem  was  to  find 
the  right  man  for  treasurer. 

I  kept  the  matter  to  myself  as  I  did  not  wish  a  large  num- 
ber of  applications.  As  I  thought  over  the  names  of  various 
Amherst  alumni  who  might  fill  the  position,  the  name  of 
Charles  A.  Andrews,  '95,  occurred  to  me.  The  more  I  thought 
of  the  problem,  the  clearer  it  became  that  he  was  the  ideal 
man  for  the  position  at  this  time.  I  went  to  Boston  to  lunch 
with  Andrews.  He  was  enthusiastic.  He  had  a  deep  love  for 

[153] 


the  College  and  he  gave  me  to  understand  that  he  would 
rather  work  for  the  College  than  do  anything  else.  I  then  pro- 
ceeded to  poll  the  Finance  Committee  informally.  Maynard 
of  Boston  knew  Andrews  well  and  considered  him  an  excel- 
lent selection.  Arthur  Curtiss  James  of  New  York  approved, 
though  he  at  first  proposed  that  I  accept  the  position  myself. 
George  D.  Pratt  and  Frank  Stearns  were  favorable.  Then  I 
went  to  see  Mr.  Coolidge. 

The  Coolidges  had  left  the  White  House  and  were  living 
at  The  Beeches  at  Northampton.  They  had  a  private  tele- 
phone number,  so  I  could  not  telephone  for  an  appointment. 
My  wife  and  I  drove  to  Amherst  for  the  week-end,  and  on 
Sunday  morning,  well  before  church  time,  we  drove  over  to 
The  Beeches.  Just  as  we  stopped  in  front  of  the  door,  Mr. 
Coolidge  came  out  in  hat  and  topcoat.  I  said,  "  Good  morn- 
ing, Mr.  Coolidge,  I  am  afraid  you  were  going  out."  He  re- 
plied, "  Thought  I  was."  I  told  him  I  would  like  to  consult 
him  for  a  few  minutes  on  an  Amherst  problem,  and  he  in- 
vited us  in.  He  directed  Mrs.  King  into  the  drawing  room,  re- 
marking, "  Mrs.  Coolidge  is  out,"  and  took  me  into  his  study. 
He  sat  in  a  swivel  chair,  pulled  out  the  slide  from  his  desk 
and  draped  a  leg  over  it,  removed  a  fine  cigar  from  his  pocket 
and  lighted  it,  with  the  remark,  "  Frank  Stearns  gave  it  to 
me."  I  lighted  a  cigarette. 

I  stated  the  problem  and  my  recommendation  of  Andrews 
for  the  post  of  treasurer,  and  asked  his  opinion.  Coolidge 
then  talked  almost  without  pause  for  fifteen  minutes;  he  re- 
viewed Andrews'  life  from  his  freshman  year  in  college,  he 
told  me  many  things  I  did  not  know  about  Andrews,  he 
spoke  with  warm  affection  and  confidence  of  Andrews'  char- 
acter and  personality.  Finally  he  asked  suddenly,  "  Have  we 
enough  money  in  the  budget  to  pay  his  salary?  "  I  reassured 
him  on  this  point.  His  next  remark  delighted  me.  "  I  don't  be- 
lieve," he  said,  "  in  deciding  to  do  something  we  haven't  got 
the  money  for,  and  then  going  out  and  harpooning  some 
alumnus  for  the  necessary  money.  If  our  institutions  and  our 
cities  and  states  and  nation  only  spent  the  money  they  had 
in  hand,  we  wouldn't  be  in  the  mess  we  are  today."  This  was 
[154] 


his  philosophy.  Then  he  wound  up  the  discussion  with  these 
words,  "  You  can  count  me  with  you." 

I  had  aheady  discussed  the  matter  with  President  Pease, 
who  was  agreeable  to  any  solution  approved  by  the  Board. 
His  position  was,  in  effect,  that  this  was  a  matter  on  the  fi- 
nancial side  of  the  College,  and  therefore  a  matter  primarily 
for  the  judgment  of  the  Board.  Morrow  was  enthusiastic.  At 
the  next  meeting  of  the  Board  I  presented  the  matter  for- 
mally; the  vote  of  the  Finance  Committee  was  unanimous 
and  the  proposal  went  through  without  debate.  Then  came 
the  administrative  question  as  to  how  the  matter  should  be 
presented  to  Treasurer  Kidder.  This  would  normally  be  the 
function  of  the  president,  but  he  was  reluctant  to  undertake 
it.  Kidder  was  prickly,  and  he  had  a  long  record  of  devoted 
service  behind  him.  At  the  president's  request  I  accepted  the 
assignment.  My  theory  has  always  been  to  grasp  the  nettle 
that  no  one  else  wishes  to  take  hold  of.  I  went  at  once  to 
Kidder  and  told  him  of  the  program  the  Board  had  adopted 
on  my  recommendation,  and  I  assured  him  before  he  had 
time  to  ask  me  that  his  salary  as  comptroller  would  be  the 
same  as  he  was  now  enjoying  as  treasurer.  Kidder  was  frankly 
delighted  with  the  news.  He  knew  that  he  had  had  too  much 
work  and  too  little  assistance  for  years;  he  knew  the  added 
responsibilities  that  the  Folger  Trust  would  entail;  he  was 
no  longer  a  young  man;  he  knew  Andrews  well  and  knew  he 
could  work  happily  with  him.  Andrews  would  now  assume 
the  responsibilities,  and  he  would  carry  on  the  detail  work 
with  which  he  was  so  familiar.  There  was  no  nettle  to  grasp; 
Kidder  was  as  happy  about  the  program  as  I. 

Two  years  later,  in  1933,  Harry  W.  Kidder  died.  He  had 
served  the  College  faithfully  for  nine  years  as  assistant  treas- 
urer, for  twenty-two  years  as  treasurer,  and  for  two  years  as 
comptroller,  a  third  of  a  century  in  total  service.  When  he 
joined  the  staff,  I  was  a  member  of  the  freshman  class;  when 
he  died  I  was  president  of  the  College.  He  had  seen  the  en- 
dowment of  the  College  grow  from  a  million  and  three- 
quarters  to  well  over  eight  million  dollars  on  the  books  of 
the  College  which  he  kept.  And  he  had  made  the  entries  in 

[  155  ] 


a  new  set  of  accounts  for  the  Folger  Shakespeare  Memorial; 
the  assets  of  the  Folger  Fund  at  the  time  of  his  death  were 
some  eight  and  a  half  million  dollars.  He  was  faithful,  dili- 
gent, and  unimaginative.  His  vision  did  not  reach  much  be- 
yond the  books  he  kept.  His  accounting  practice  was  old- 
fashioned,  and  inadequate  for  the  needs  of  the  College  as  it 
had  grown.  Perhaps  it  is  fair  to  say  that  he  had  not  grown 
with  the  growth  of  the  College.  He  remained  throughout  his 
life  very  much  as  he  was  when  he  joined  the  college  staff  as 
a  young  man  in  1900,  a  competent  bookkeeper  in  accord  with 
the  standards  of  that  day.  He  worked  with  five  presidents  of 
Amherst  on  terms  of  cordial  association,  and  each  president 
knew  his  sterling  qualities  of  character  and  his  tireless  dili- 
gence. He  initiated  no  new  ideas  in  his  administration  of  his 
office,  and  he  was  reluctant  to  adopt  new  ideas  that  were  sug- 
gested to  him.  But  his  faithfulness  was  always  beyond  ques- 
tion. 


[156] 


Chapter  Eight 

CHARLES    A.    ANDREWS,    Treasurer 
1931-1940 

Charles  Amos  Andrews  became  the  eighth  treasurer  of 
Amherst  College  on  July  1,  1931,  and  served  until  his  death 
in  1940.  The  experience  was,  I  am  sure,  the  happiest  of  his 
mature  life.  Andrews  was  born  in  Holyoke  in  1872  and  grad- 
uated from  Amherst  in  the  class  of  1895.  During  his  college 
course,  financial  reverses  in  the  family  occurred,  and  he  felt 
he  must  leave  college  and  begm  to  earn  a  living.  His  class- 
mate, Herbert  L.  Pratt,  heard  of  the  situation  and  insisted  on 
sharing  his  own  generous  allowance  from  home  with  An- 
drews, and  Andrews  was  able  to  finish  his  course  with  his 
class.  Now  that  Andrews  was  treasurer,  he  found  three  of  his 
classmates  on  the  Board  of  Trustees  —  Morrow,  CooHdge,  and 
Lucius  R.  Eastman.  And  a  few  years  later  another  classmate, 
Herbert  Pratt,  was  added  to  the  Board.  Andrews  taught 
Latin  for  tliree  years  after  leaving  college  and  was  then  dep- 
uty tax  commissioner  for  the  Commonwealth  of  Massachu- 
setts for  eight  years.  Later  he  was  treasurer  of  Gorton  Pew 
Fisheries  Company,  and  for  ten  years  he  was  associated  with 
Merrill  Oldham  &  Co.  of  Boston,  a  conservative  investment 
banking  firm  of  which  John  E.  Oldham,  '88,  was  the  senior 
partner.  Andrews  had  been  a  member  of  the  Massachusetts 
legislature,  president  of  the  Associated  Industries  of  Massa- 
chusetts, and  president  of  the  Amherst  Alumni  Association 
of  Boston.  He  was  a  good  speaker,  a  favorite  toastmaster  at 
Amherst  dinners,  and,  in  addition,  he  had  worked  for  more 
than  a  year  with  Dwight  Morrow  and  Treasurer  Kidder  on 
the  Report  of  the  Finance  Committee  of  1924.  His  two  sons 
were  graduates  of  the  College. 

Three  months  after  Andrews  took  office,  the  College  and 

[157] 


the  country  suffered  an  irreparable  loss  in  the  sudden  death 
of  Dwight  Morrow.  No  member  of  the  Board  was  as  beloved 
as  Morrow;  no  alumnus  had  the  affection  and  the  confidence 
of  so  many  of  his  fellow  alumni;  no  member  of  the  Board  had 
exercised  equal  influence  in  the  determination  of  college  pol- 
icy; and  in  the  management  of  the  portfolio  Morrow  had  for 
fifteen  years  been  the  directing  force.  For  ten  years  Morrow 
and  Woodbridge  and  I  had  worked  in  the  closest  co-opera- 
tion on  Amherst  problems;  our  recommendations  had  al- 
ways been  followed  by  the  Board  without  question;  we  had 
supported  President  Olds  and  President  Pease,  and  we  had 
come  to  know  the  College  more  intimately  than  most  trus- 
tees are  ever  able  to  know  their  college.  To  me,  Morrow  had 
come  to  seem  almost  like  an  elder  brother.  Now  Morrow  was 
gone;  Woodbridge  was  in  Berlin  for  the  year  as  the  Roose- 
velt professor  at  the  University  of  Berlin;  and  I  was  now 
chairman  of  the  Executive  Committee  of  the  Board  and  had 
recently  been  elected  a  life  member  at  the  expiration  of  my 
two  terms  as  alumni  trustee. 

At  the  autumn  meeting  of  the  Board,  a  few  weeks  after 
Morrow's  death,  we  all  knew  we  must  immediately 
strengthen  the  Finance  Committee.  His  death  created  a  va- 
cancy on  the  life  Board,  and  the  rules  of  the  Board  provided 
that  nominations  for  such  a  vacancy  must  lie  on  the  table  un- 
til the  next  regular  meeting  of  the  Board.  The  name  of  Niel  A. 
Weathers  of  the  class  of  1898  was  placed  in  nomination,  and 
no  other  nominations  were  made.  It  was  clear  that  Weathers 
would  be  elected  at  the  next  meeting,  and  I  asked  permis- 
sion of  the  Board  to  invite  Weathers  to  sit  with  the  Finance 
Committee  in  the  interim,  a  request  which  was  at  once 
granted.  At  the  close  of  the  meeting  I  went  to  New  York  to 
present  the  matter  to  Weathers  and  to  urge  his  acceptance. 

Niel  A.  Weathers  was  born  in  Ocala,  Florida,  the  eldest  of 
four  brothers,  three  of  whom  had  graduated  from  Amherst. 
For  four  years  after  college  he  had  earned  money  as  a  stenog- 
rapher in  Florida  and  Cuba.  In  1905  he  graduated  from  Co- 
lumbia Law  School,  with  the  distinction  of  being  editor-in- 
chief  of  the  Law  Review  in  his  final  year.  For  twenty-three 
[158] 


years  he  practiced  law  in  New  York  City,  rising  to  the  posi- 
tion of  a  senior  partner  in  the  firm  of  Simpson,  Thacher  and 
Bartlett,  the  firm  in  which  John  W.  Simpson,  71,  and  Mor- 
row, '95,  had  been  partners.  In  1928  he  resigned  from  the 
firm  to  accept  the  chairmanship  of  United  Electric  Securi- 
ties Company,  an  affiliate  of  General  Electric  Company. 
Known  from  college  days  as  "  Pop  "  Weathers,  with  a  bril- 
liant mind,  an  unblemished  reputation,  and  a  capacity  for 
hard  and  unremitting  work,  a  close  friend  of  Morrow's  from 
student  days,  and  with  a  wide  experience  in  finance,  he 
seemed  the  ideal  man  to  lead  the  Finance  Committee  of  the 
College. 

In  New  York  I  had  a  very  pleasant  interview  with  him  and 
he  agreed  to  accept  the  election  to  the  Board  when  made 
and  in  the  meantime  to  meet  with  the  Finance  Committee.  I 
sent  on  to  him  the  material  with  which  he  would  need  to  fa- 
miliarize himself.  But  before  the  next  meeting  of  the  Finance 
Committee  he  died  suddenly  on  January  12,  1932,  at  the  age 
of  fifty-five.  In  the  meantime.  President  Pease  had  tendered 
his  resignation,  and  the  Board  was  looking  for  a  president  as 
well  as  a  chairman  of  the  Finance  Committee. 

In  1931  Weathers  had  seemed  the  obvious  choice  to  suc- 
ceed Morrow.  Most  of  the  members  of  the  Board  knew  him 
well,  and  those  who  did  not  were  familiar  with  his  record 
and  his  reputation  in  financial  circles.  In  1932  there  seemed 
to  be  no  alumnus  who  was  the  clear  and  obvious  choice  to 
assume  the  responsibility.  The  Board  chose  Coolidge,  East- 
man (L.  R. ),  Esty,  James,  Maynard,  and  Pratt  (G.  D. )  as 
members  of  the  Finance  Committee,  and  Maynard  accepted 
the  chairmanship  until  a  permanent  choice  could  be  made. 
Plimpton  and  I  were  members,  ex-officiis,  of  the  committee. 
As  president  of  the  College  I  knew  the  vital  importance  of 
strong  and  wise  leadership  in  the  management  of  the  Col- 
lege's portfolio,  and  I  made  a  private  list  of  alumni  who 
might  be  considered.  At  the  first  meeting  of  the  Finance 
Committee  which  I  attended  in  my  capacity  as  president  of 
the  College,  the  treasurer  presented  a  question  as  to  whether 
the  College  should  sell  or  hold  certain  oil  securities.  On  a 

[159] 


motion  to  sell,  the  vote  was  a  tie,  and  I  had  not  voted.  The 
other  members  of  the  committee  then  asked  for  my  vote, 
which  would  decide  the  question,  I  refused  to  cast  a  vote, 
saying  that  it  was  to  my  mind  fantastic  that  my  vote  should 
decide  such  a  question,  particularly  as  I  had  no  knowledge 
of  these  particular  securities  or  of  the  prospects  of  the  com- 
pany. The  College  had  large  investments  in  oils  as  a  result  of 
the  Folger  bequest,  but  no  member  of  the  Finance  Commit- 
tee had  any  special  competence  in  this  field  of  investment.  It 
was,  I  think,  clear  to  all  of  us  that  something  must  be  done 
and  promptly. 

Meanwhile,  I  had  been  thinkmg  seriously  of  a  Boston 
alumnus  who  was  executive  vice-president  of  the  National 
Shawmut  Bank.  I  had  known  him  for  years,  but  not  well.  I 
talked  with  one  of  the  directors  of  the  bank  and  then  with 
the  president,  whom  I  knew.  They  both  spoke  of  him  in  the 
highest  ternis,  and  the  president  gave  me  a  detailed  account 
of  his  perfonnance  for  the  bank  before,  during,  and  after  the 
stock  market  break  of  1929.  At  the  spring  meeting  of  the 
Board,  I  recommended  for  the  vacancy  on  the  Board  George 
Edwin  Pierce  of  the  class  of  1909. 

Pierce  was  born  in  Brattleboro,  Vermont,  in  1887,  gradu- 
ated from  Amherst  in  1909,  studied  law  at  Boston  Univer- 
sity for  two  years,  was  employed  by  Bradstreet's  for  five 
years,  and  then  entered  the  employ  of  the  National  Shaw- 
mut Bank,  rising  through  grades  to  the  post  of  vice-president. 
He  had  not,  however,  been  active  in  Amherst  alumni  work 
and  was  not  widely  known  among  the  alumni;  he  had,  on 
the  contrary,  concentrated  his  attention  on  his  work  in  the 
bank.  The  Board  did  not  know  him;  most  of  them  had  never 
even  heard  his  name;  only  Maynard  knew  his  reputation  and 
knew  him.  I  asked  Chief  Justice  Rugg  and  Mr.  Coolidge  to 
check  him  through  their  channels  and  they  reported  favora- 
bly at  the  next  meeting;  but  the  Board  still  did  not  know  him 
and  were  reluctant  to  name  to  so  important  a  post  on  the  life 
Board  a  man  who  was  known  to  so  few  of  the  Board.  I  then 
asked  permission  for  the  Finance  Committee  to  invite  Pierce 
to  sit  with  them  at  their  meetings,  and  this  was  granted. 
[160] 


Pierce's  broad  experience,  his  judicial  approach,  the  care- 
ful study  and  investigation  which  he  made  of  the  problems 
before  the  committee  quickly  convinced  the  members  of  the 
committee  that  they  wanted  him  as  a  full  member  of  the 
Board.  At  the  October  meeting  of  the  Board  in  1933  he  was 
elected  without  a  dissenting  vote.  At  Pierce's  urgent  request, 
Maynard  continued  as  chairman  for  a  number  of  years;  but 
Pierce  was  the  recognized  leader  of  the  committee  from  the 
date  of  his  election  to  the  Board. 

The  personnel  of  the  Finance  Committee  was  changing 
rapidly  for  other  reasons.  Mr.  Coolidge  died  on  January  5, 
1933.  He  had  been  a  member  of  the  Finance  Committee 
since  1929,  but  had  taken  no  active  part  in  its  activities. 
George  D.  Pratt  withdrew  from  the  committee  a  year  later 
for  reasons  of  health.  And  while  Arthur  Curtiss  James  contin- 
ued to  be  a  member,  his  health  prevented  him  from  attend- 
ing the  meetings  of  the  committee  or  sharing  in  its  activities. 
Meanwhile,  Edward  T.  Esty,  who  had  acted  for  years  as 
counsel  to  the  Board,  was  added  to  the  committee,  and  con- 
tinued as  an  active  member  until  his  death  in  1942.  In  1934 
Henry  S.  Kingman,  '15,  president  of  the  Fanners  and  Me- 
chanics Savings  Bank  of  Minneapolis,  was  elected  an  alumni 
trustee  and  immediately  added  to  the  committee.  And  a 
year  later  Lewis  W.  Douglas,  '16,  was  elected  an  alumni  trus- 
tee and  added  to  the  committee.  Douglas  had  been  a  member 
of  Congress  from  Arizona,  Director  of  the  Budget  during  the 
early  days  of  the  Roosevelt  administration,  and  was  now  vice- 
president  of  American  Cyanamid  Company  of  New  York.  In 
1938  Frederick  S.  Bale,  '06,  was  elected  an  alumni  trustee. 
He  was  at  the  time  vice-president  of  Bankers  Trust  Com- 
pany of  New  York  and  was  promptly  added  to  the  com- 
mittee. 

As  soon  as  George  Pierce  joined  the  committee,  its  regu- 
lar monthly  meetings  were  instituted  and  they  were  held  at 
the  Union  Club  in  Boston.  The  gentlemen  of  the  Finance 
Committee  in  the  1930's  and  1940's  did  not  realize  that  their 
predecessors,  Henry  Edwards  and  Alpheus  Hardy,  had  been 
charter  members  of  the  Union  Club  in  1863  and  that  Hardy 

[161] 


had  been  a  member  of  the  small  committee  which  organized 
the  Club.  Nor  did  they  know  that  the  building  at  8  Park 
Street  which  had  housed  the  Club  during  its  entire  history 
had  been  the  home  of  Abbott  Lawrence,  the  distinguished 
Bostonian  who  gave  Amherst  its  first  observatory,  the  oc- 
tagonal tower  in  the  center  of  the  Octagon, 

Treasurer  Andrews  prepared  the  agenda,  and  formal  min- 
utes were  kept.  The  committee  met  at  the  Club  for  cocktails 
at  6:30,  dined  in  a  private  dining  room  at  7:00,  and  immedi- 
ately after  dinner  went  into  formal  session,  lasting  often  till 
nearly  midnight.  Kingman  of  course  could  not  attend  all  the 
meetings  because  of  the  distance  from  Minneapolis,  but 
when  he  could  not  come,  he  sent  his  comments  on  the  items 
in  the  agenda  to  Pierce  or  called  him  on  the  telephone,  so 
that  the  committee  always  had  the  benefit  of  his  point  of 
view.  Douglas  did  the  same.  I  always  attended  the  meetings 
of  the  committee;  I  enjoyed  them  as  much  as  any  meetings 
I  attended;  and  while  I  could  ordinarily  add  nothing  of  value 
to  the  discussion  of  specific  investments,  I  learned  a  great 
deal  from  this  association  with  my  colleagues. 

From  the  beginning  of  Pierce's  leadership,  he  brought 
with  him  to  every  meeting  his  associate,  Horace  Schermer- 
horn  of  the  Trust  Department  of  the  National  Shawmut 
Bank.  "  Schermy,"  though  not  an  Amherst  graduate  and  not 
a  graduate  of  any  college,  became  one  of  the  most  liked 
members  of  the  group.  He  brought  with  him  the  pertinent 
facts  on  all  questions  to  come  before  the  committee  and  gave 
us  the  benefit  of  his  wide  experience  and  his  vast  knowledge 
of  corporate  financial  conditions.  His  assistance  was  invalu- 
able. And  for  this  service  he  never  received  any  compensa- 
tion, direct  or  indirect,  nor  did  the  bank  of  which  Pierce  and 
he  were  officers.  In  fact.  Pierce  took  the  position  from  the 
outset  that  as  long  as  he  served  on  the  committee,  the  bank 
would  not  accept  an  account  of  the  College  or  perform  any 
regular  service  for  the  College  for  which  it  received  compen- 
sation. And  Pierce  insisted  that  the  College  sell  the  shares  of 
stock  in  the  bank  which  it  had  in  its  portfolio.  One  of  the 
pleasantest  privileges  I  exercised  during  my  years  in  the 
[  162  ] 


president's  ofiBce  was  to  recommend  to  the  Board  the  award 
of  the  honorary  degree  of  Masters  of  Arts  to  Schermy  at 
the  1944  commencement.  It  was  approved  unanimously  by 
the  Board,  and  was  accepted  with  deep  appreciation  by 
Schermy.  He  still  renders  the  same  service  to  the  Finance 
Committee,  but  now  as  an  honorary  graduate  of  the 
College.  Amherst  has  become  his  college  in  a  very  real 
sense. 

During  the  fourteen  years  from  1932  to  1946,  the  Finance 
Committee  was  without  doubt  the  hardest  working  commit- 
tee of  the  Board.  It  met  regularly  every  month  except  in  the 
summer,  when  only  one  meeting  was  ordinarily  held.  Be- 
tween meetings  of  the  committee,  the  treasurer  regularly 
consulted  Pierce  and  other  members  by  long  distance  tele- 
phone. And  the  most  effective  members  of  the  committee 
were  Pierce,  Maynard,  and  Kingman.  Pierce  and  Kingman 
had  firsthand  knowledge  of  the  matters  discussed.  Bale,  an 
officer  of  Bankers  Trust  Company  of  New  York,  brought  to 
the  committee  the  information  and  advice  supplied  him  by 
the  research  department  of  the  Trust  Company.  Douglas 
had  a  firsthand  knowledge  of  the  mining  industry,  particu- 
larly copper,  and  had  excellent  sources  of  current  informa- 
tion. Esty,  in  addition  to  his  sound  advice  on  all  legal  mat- 
ters, was  trustee  of  a  number  of  estates  and  had  a  broad  and 
sound  judgment  on  investment  problems.  And  Maynard,  dur- 
ing the  years  that  he  acted  as  chairman,  made  an  admirable 
presiding  officer  and  saw  to  it  that  the  work  of  the  commit- 
tee was  crystallized  in  decisions  after  full  debate  and  the  con- 
sideration of  all  points  of  view.  In  addition,  he  brought  to 
the  meetings  a  sound  judgment  and  a  great  fund  of  hard 
common  sense.  He  was  never  ruffled,  he  was  never  hurried, 
and  he  had  the  admirable  quality  of  bringing  together  di- 
vergent points  of  view  in  the  committee. 

On  July  1,  1933  the  College  put  into  operation  a  new  sys- 
tem of  accounts  devised  by  our  new  auditors,  Lybrand,  Ross 
Bros.  &  Montgomery.  The  system  was  modeled  upon  the 
form  recommended  by  the  National  Committee  on  Standard 
Reports  for  Institutions  of  Higher  Education  which  is  in  use 

[163] 


in  many  of  the  leading  colleges  and  universities  of  the  coun- 
try. And  on  June  30,  1934  Treasurer  Andrews  issued  his  first 
treasurer's  report  based  on  the  new  accounting  procedure. 

On  the  death  of  Harry  Kidder  in  1933,  the  treasurer  filled 
the  vacancy  in  the  oflBce  of  comptroller  by  the  temporary 
appointment  of  J.  Gerald  Cole,  '15.  Cole  remained  only  a  few 
months,  and  the  treasurer  then  appointed  Herbert  G.  John- 
son, '16.  Herbert  Johnson  had  had  an  excellent  preparation, 
first  with  Western  Electric  Company  and  then  as  assist- 
ant comptroller  of  Bird  &  Son  of  Walpole,  Massachusetts. 
His  appointment  was  duly  confirmed  by  the  Board  in  1934. 
And  since  then  he  has  handled  the  problems  of  his  office 
with  great  competence. 

During  the  year  1933-34  the  Finance  Committee  faced  a 
difficult  problem  in  the  management  of  the  Folger  Fund. 
Mr.  Folger  had  left  his  entire  estate  to  the  Trustees  of  Am- 
herst. It  consisted  entiiely  of  stocks  in  the  Standard  Oil 
group  of  companies,  except  for  a  block  of  some  1,840  shares 
of  Chase  National  Bank.  At  the  time  of  his  death,  he  not 
only  owed  money  to  Mrs.  Folger,  but  he  had  debts  to  banks 
of  nearly  half  a  million  dollars  for  money  borrowed  to  fi- 
nance his  purchases  of  Shakesperiana.  When  the  executors 
had  paid  the  debts  and  the  expenses  of  administration,  and 
had  completed  the  building  of  the  Library,  they  turned  over 
to  the  Trustees  securities  of  a  value  of  $1,495,801.  This  was 
only  a  fraction  of  what  Mr.  Folger  had  expected  to  provide 
as  endowment  for  his  library.  The  stock  market  crash  of  1929 
and  the  prolonged  depression  which  followed  had  reduced 
the  value  of  his  securities,  and  of  course  a  substantial  amount 
of  his  stocks  had  been  sold  by  the  executors  to  pay  debts  and 
administrative  expenses  and  to  build  the  Library.  In  addi- 
tion, the  first  charges  on  the  income  of  the  funds  turned  over 
to  the  Trustees  were  a  payment  of  $76,000  a  year  to  the  Col- 
lege and  annuities  to  various  relatives  of  $85,000  a  year. 
Mrs.  Folger  had  met  the  emergency  by  transferring  to  the 
Trustees  the  bulk  of  her  estate,  with  a  market  value  of 
$2,970,000,  to  be  held  by  the  Trustees  under  the  same  con- 
ditions as  those  set  down  in  her  husband's  will.  Her  estate 
[164] 


too  was  invested  in  oils.  Under  the  terms  of  her  husband's 
will,  the  Trustees  were  allowed  to  use  only  the  income  of  the 
Fund. 

By  1933-34  the  income  of  the  two  Funds  (Mr.  Folger's 
and  Mrs.  Folger's)  was  inadequate  to  meet  the  charges  of 
$76,000  to  the  College  and  $85,000  to  annuitants  and  to  keep 
the  Library  open.  Prompt  action  was  necessary  to  avoid  a  se- 
rious catastrophe.  Three  steps  were  taken.  The  College  sur- 
rendered $50,000  of  the  income  to  which  it  was  entitled.  The 
Trustees  filed  a  petition  in  the  Probate  Court  of  Hampshire 
County  asking  the  permission  of  the  court  to  use  the  princi- 
pal of  Mrs.  Folger's  Fund  when  necessary.  The  petition  was 
consented  to  by  Mrs.  Folger.  And  in  addition,  the  counsel 
for  the  College  had  to  secure  the  consent  of  the  Attorney 
General  of  Massachusetts,  of  the  Trustees  of  the  University 
of  Chicago,  and  of  the  Library  of  Congress  Trust  Fund 
Board  in  Washington.  In  March  1934,  the  Probate  Court  is- 
sued its  decree  approving  the  change  in  the  terms  of  Mrs. 
Folger's  gift.  Meanwhile  the  Trustees  had  borrowed  some 
$30,000  from  the  Springfield  Safe  Deposit  &  Trust  Company 
to  enable  them  to  pay  the  operating  expenses  of  the  Library 
until  the  action  of  the  Probate  Court. 

The  third  step,  which  was  carried  through  with  brilliant 
success  by  the  Finance  Committee  under  the  leadership  of 
George  Pierce,  was  the  sale  of  about  one-third  of  the  oil  se- 
curities in  the  Folger  Fund  and  the  investment  of  the  pro- 
ceeds in  prime  bonds.  This  was  accomplished  with  a  profit  to 
the  Folger  Fund  of  about  $250,000  over  book  value,  and  the 
income  of  the  Fund  was  materially  increased.  These  steps 
saved  the  Folger  Library  from  curtailment  in  its  operations, 
increased  both  the  principal  and  the  income  of  the  Fund, 
made  the  future  management  of  the  Fund  by  the  Trustees 
simpler  and  more  eflFective,  and  made  possible  a  balanced 
budget  for  the  Fund  the  following  year.  The  note  to  the 
Springfield  Safe  Deposit  &  Trust  Company  was  paid  when 
due.  The  College,  however,  continued  to  receive  only  $26,000 
per  annum  instead  of  $76,000  from  the  Folger  Fund  until 
Mrs.  Folger's  death,  when  the  College's  receipts  from  the 

[165] 


Fund  were  restored  to  $76,000  and  have  continued  at  this 
rate  ever  since. 

Mrs.  Folger  died  in  February  1936,  and  her  will  provided 
that  the  residue  of  her  estate  should  pass  to  the  Trustees  of 
the  College  to  be  added  to  the  Fund  of  $3,000,000  she  had 
already  given  in  her  lifetime.  The  total  book  value  of  the 
gifts  and  bequests  from  Mr.  and  Mrs.  Folger,  including  the 
library  building  and  land,  the  collections,  and  the  endow- 
ments, amounted  to  over  eleven  million  dollars. 

The  most  striking  change  which  was  taking  place  in  the 
portfolio  was  the  distribution  of  investments  between  bonds 
and  stocks.  This  change  was  so  radical  as  to  be  revolution- 
ary. In  1924  the  bond  account  of  the  College  represented 
91%  of  its  portfolio;  stocks  amounted  to  6%,  and  real  estate  to 
3%.  Ten  years  later,  in  1934,  bonds  had  dropped  to  72%;  stocks 
had  increased  to  17/2%,  real  estate  and  real  estate  mortgages 
to  8/2%;  and  cash  was  132%.  And  in  another  ten  years,  in  1944, 
bonds  had  dropped  to  30/2%,  stocks  had  risen  to  63%,  real  es- 
tate and  real  estate  mortgages  stood  at  5%,  and  cash  at  1%. 
The  following  table  taken  from  the  annual  printed  reports  of 
the  treasurer  shows  the  changes  from  year  to  year. 

DISTRIBUTION  OF  INVESTMENTS  IN 
PERCENTAGE  OF  BOOK  VALUE 


Year 

Pfd. 

Com. 

Real 

Ending 

Bonds 

Stocks 

Stocks 

Estate 

Cas 

1924 

91 

6 

3 

1934 

72 

TA 

10 

8 

1 

1935 

58 

35 

5 

2 

1936 

54 

39 

4 

2 

1937 

49 

41 

4 

5 

1938 

44 

49 

5 

2 

1939 

43 

11 

39 

5 

1 

1940 

36 

13 

43 

5 

2 

1941 

32 

14 

47 

5 

2 

1942 

31 

13 

48 

5 

2 

1943 

30 

13 

49 

5 

2 

1944 

30 

11 

51 

5 

1 

1945 

28 

11 

54 

4 

1 

1946 

29 

10 

55 

4 

1 

[166] 

In  considering  the  investment  policy  of  the  College  at  any 
period  in  its  history  it  must  be  remembered  that  many  of  the 
securities  owned  by  the  College  have  been  given  to  it.  It  is 
not  always  easy,  and  sometimes  it  is  not  permitted,  to  dispose 
of  these  securities.  The  gifts  of  Mr.  and  Mrs.  Folger,  totaling 
nearly  four  and  a  half  million  dollars,  were,  with  minor  ex- 
ceptions, all  in  common  stocks  and  all  in  one  industry,  the 
industry  in  which  Mr.  Folger  had  spent  his  entire  business 
life.  The  oil  industry  had  had  an  extraordinary  growth  dur- 
ing the  span  of  one  lifetime;  it  had  become  one  of  the  fun- 
damental industries  of  the  country  and  in  fact  of  the  world; 
and  it  had  been  extraordinarily  profitable  to  the  investors 
who  had  owned  the  equity  securities  of  the  best  managed 
companies.  The  Folger  gifts  together  amounted  to  about 
two-thirds  of  the  entire  endowment  of  the  College  in  1924. 
While  Mr.  Folger's  will  imposed  no  restrictions  on  the  Board 
in  the  matter  of  the  investment  of  his  endowment,  the  ques- 
tion presented  to  the  Board,  and  specifically  to  the  Finance 
Committee  of  the  Board,  was,  not  whether  to  invest  the  Fol- 
ger funds  in  the  common  stocks  of  one  industry,  but  how 
much  of  the  Fund  to  sell  at  the  low  prices  prevailing  through 
the  years  of  the  depression  in  order  to  secure  diversification. 
The  Finance  Committee  considered  this  question  with  great 
care,  and  reconsidered  it  from  time  to  time  throughout  the 
period  we  are  discussing.  From  time  to  time  they  presented 
the  facts  to  the  Board,  with  their  recommendations,  as  they 
wished  the  entire  Board  to  share  the  responsibility  for  the 
decisions  they  were  taking  in  the  matter.  In  each  case  the 
Board  approved  the  proposals  of  its  committee. 

Quite  outside  of  the  Folger  Fund,  however,  the  investment 
policy  of  the  College  was  undergoing  a  radical  change.  Be- 
ginning in  a  relatively  small  way  in  1931,  the  College  was  en- 
tering the  market  for  prime  common  stocks  for  the  invest- 
ment of  its  endowment.  I  recall  very  well  a  meeting  of  the 
Finance  Committee  called  by  Dwight  Morrow  and  held  in 
his  rooms  in  the  Ritz  Carlton  Hotel  in  Boston  in  the  summer 
of  1931,  in  which  he  proposed,  and  the  committee  approved, 
the  purchase  of  a  block  of  the  common  stock  of  the  American 

[167] 


Telephone  &  Telegraph  Company.  This  was  the  first  pur- 
chase of  common  stock  by  the  College  at  any  meeting  of  the 
Finance  Committee  which  I  attended.  At  the  same  meeting 
Morrow  asked  me  to  investigate  the  stock  of  United  Shoe 
Machinery  Company  of  Boston  and  send  him  my  report.  I 
asked  him  whether  he  was  interested  particularly  in  the  pre- 
ferred or  the  common  stock  of  United  Shoe,  and  he  said  that 
if  the  College  bought  either,  he  would  suggest  the  common. 
When  I  later  sent  him  my  report,  he  authorized  the  treasurer 
to  purchase  a  block  of  United  Shoe  common.  Since  that  time, 
the  College's  holdings  in  both  Telephone  and  Shoe  have  been 
substantially  increased.  In  1946  the  College's  investment  in 
Telephone  common  had  a  book  value  of  over  half  a  million 
dollars,  and  its  investment  in  United  Shoe  common  a  book 
value  of  over  a  third  of  a  million  dollars. 

There  were  of  course  several  reasons  for  the  change  in  pol- 
icy. One  was  the  lesson  learned  by  students  of  investment 
policy  from  the  relative  performance  of  the  best  equities 
during  the  depression  as  compared  with  the  performance 
of  prime  bonds.  Another  was  the  low  interest  rate  main- 
tained by  the  government  as  a  matter  of  policy,  which  made 
it  difficult  for  colleges  to  live  on  the  return  from  prime  bonds. 
The  same  reasons  which  impelled  the  Finance  Committee  of 
Amherst  to  change  its  investment  policy  were  operating  in 
the  country  as  a  whole,  and  other  colleges  and  universities 
were  doing  just  what  Amherst  was  doing  and  for  similar  rea- 
sons. From  time  to  time  our  Finance  Committee  would  com- 
pare our  distribution  between  fixed-income  securities  and 
equities  with  similar  figures  for  other  colleges  and  universi- 
ties. These  comparisons  usually  indicated  that  we  were  a  lit- 
tle more  heavily  invested  in  equities  than  our  friends  in 
other  colleges,  due  of  course  to  the  influence  of  the  Folger  in- 
vestments on  our  totals. 

Another  significant  change  was  in  our  investment  in  U.S. 
Government  bonds.  In  1924  the  College  held  under  $700,000 
of  Liberty  bonds  and  U.S.  Treasury  notes,  carrying  interest 
at  4/4%  to  4^2%.  Most  of  these  had  come  to  the  College  as  gifts 
in  the  Centennial  Gift.  On  June  30,  1935,  we  owned  no  obli- 
[168] 


gations  of  the  U.S.  Government.  In  1946,  our  U.S.  Govern- 
ments represented  a  total  of  over  $4,000,000,  with  interest 
rates  of  from  2%  to  2%%,  and  comprising  over  two-thirds  of  all 
our  bonds.  The  management  of  our  Government  portfolio 
was  a  highly  specialized  problem,  and  was  entrusted  by  the 
Finance  Committee  to  George  Pierce,  whose  actions  were 
reported  to  the  committee  and  ratified  by  them. 

In  the  same  ten-year  period  ( 1935-1946 )  the  College  re- 
duced its  railway  bonds  from  29%  to  3.5%  of  the  portfolio,  its 
public  utility  bonds  from  23%  to  3.2%,  and  its  railway  stocks 
from  2.4%  to  1.2%.  Its  investments  in  utility  stocks,  mean- 
while, rose  from  2.2%  to  11%,  and  in  industrial  stocks  from 
29%  to  49.6%.  A  substantial  part  of  the  liquidation  of  its  bond 
account  was  of  course  made,  not  at  the  option  of  the  College, 
but  of  the  debtor  corporations,  which  called  their  high  cou- 
pon bonds  and  refinanced  at  a  lower  coupon  rate.  As  the 
decade  passed,  the  difficulty  of  wisely  investing  the  trust 
funds  of  the  College  increased.  In  the  fiscal  year  ending  June 
30,  1936,  for  example,  the  purchases  and  sales  of  securities 
by  the  College  for  its  own  account  and  the  Folger  Fund 
amounted  to  some  $9,000,000  in  total. 

The  effect  of  the  low  interest  rates  on  the  College's  return 
from  its  endowment  is  illustrated  by  the  following  table 
showing  the  rate  of  return  on  book  value  of  the  Consolidated 
Funds  of  the  College  (this  of  course  does  not  include  the 
Folger  Fund,  which  is  separately  invested ) . 

'Year  ending  Year  ending 

June  30,  1933  4.50%  June  30,  1941  4.11% 

1934  4.37  1942  4.336 

1935  4.42  1943  3.99 

1936  4.33  1944  3.99 

1937  4.457  1945  4.11 

1938  4.05  1946  4.137 

1939  3.72  1947  4.59 

1940  4.05  1948  4.64 

In  1939-40  the  Finance  Committee  and  the  treasurer  un- 
dertook one  of  the  most  difficult  problems  confronting  the 

[169] 


College,  the  development  of  a  contributory  pension  plan  for 
members  of  the  Faculty.  Two  faculty  members  were  chosen 
by  me  with  the  advice  of  the  Committee  of  Six  of  the  Faculty 
to  sit  with  the  Finance  Committee  in  the  consideration  of 
this  problem:  Professors  Clarence  W.  Eastman  and  Bailey 
LeF.  Brown.  The  work  continued  for  more  than  a  year  and 
when  the  report  was  completed,  it  was  approved  by  the 
Board.  Before  it  could  be  presented  to  the  Faculty,  the  treas- 
urer was  taken  seriously  ill. 

In  the  years  1940  and  1941  the  College  suffered  grievous 
loss  in  the  death  of  two  senior  members  of  the  administra- 
tion. Charles  Amos  Andrews,  treasurer  of  the  College  since 
1931,  died  on  November  11,  1940,  and  Frederick  Scouler 
AUis,  secretary  of  the  Alumni  Council  for  twenty-five  years, 
vice-chairman  of  the  Council  for  two  years,  and  secretary  of 
the  Board  for  twelve  years,  died  on  July  23,  1941,  a  few  days 
after  his  formal  retirement  from  office.  Andrews  had  unusual 
qualities  of  personality  and  training  for  the  office  of  treas- 
urer; he  had  performed  the  duties  of  the  office  with  great 
ability  and  had  won  both  the  respect  and  the  deep  affection 
of  the  members  of  the  Board.  He  was  almost  universally 
liked  by  his  fellow  alumni,  and  he  had  a  warm  spot  in  his 
heart  for  the  undergraduate,  particularly  the  undergraduate 
who  was  having  a  hard  time  meeting  the  expenses  of  his  col- 
lege education.  Andrews  always  remembered  his  own  strug- 
gles to  pay  his  college  bills;  he  always  remembered  how 
much  his  scholarship  aid  had  meant  to  him  in  enabling  him 
to  continue  his  college  course.  He  had  been  an  undergradu- 
ate when  "  Old  Doc  "  Hitchcock  kept  a  fatherly  eye  on  boys 
who  were  indigent  but  promising,  and  Andrews  had  many  of 
the  qualities  of  a  current  model  of  "  Old  Doc."  Under  his  di- 
rection the  entire  accounting  system  of  the  College  had  been 
remodeled,  the  procedures  of  the  treasurer's  office  modern- 
ized and  brought  into  accord  with  the  best  current  practice. 
He  never  attempted  to  secure  large  gifts  for  the  College,  so 
far  as  I  know,  but  wherever  he  went  he  would  tell  the  story 
of  some  luckless  student  who  did  not  have  enough  money  to 
stay  in  college,  and  would  come  back  to  Amherst  with  a 
[170] 


check  or  checks  to  be  disbursed  by  him  for  students  who 
were  sound  and  having  difficulty  making  both  ends  meet. 

Fred  Alhs  was  the  ideal  alumni  secretary,  and  was  recog- 
nized as  such  both  in  the  Amherst  community  and  outside. 
He  was  gentle,  quiet,  persuasive,  and  obstinate.  He  was 
never  in  a  hurry,  he  was  never  flustered,  and  he  had  infinite 
patience.  The  Alumni  Council  of  the  College  was  the  projec- 
tion of  his  personality  and  of  his  tireless  work.  The  Alumni 
Fund  was  due  more  to  him  than  to  any  other  single  individ- 
ual. He  never  sought  the  center  of  the  stage,  he  never  made 
the  important  speeches,  he  never  participated  in  debate  on 
policy;  but  he  was  behind  the  scenes  all  the  time,  and  the 
policies  of  the  Alumni  Council  were  his  policies,  although 
they  were  proposed,  seconded,  argued,  and  carried  through 
by  others  whom  he  had  quietly  selected  and  briefed.  He 
made  friends  wherever  he  went.  He  stimulated  gifts  and  be- 
quests to  the  College,  large  and  small,  but  almost  no  one 
knew  of  his  specific  efforts  in  this  field.  He  was  trained  in 
the  law  and  in  banking,  he  had  a  fund  of  common  sense,  he 
had  manners  that  were  almost  courtly,  he  was  a  good  drafts- 
man and  a  charming  letter  writer,  and  he  was  utterly  de- 
voted to  the  College.  Physically,  he  was  rather  frail,  and  for 
the  nearly  thirty  years  that  he  devoted  his  life  to  the  College 
he  had  to  exercise  unusual  care  for  his  health.  In  spite  of 
this,  he  accomplished  more  than  most  men  of  strong  phy- 
sique. Most  alumni  secretaries  have  considered  the  post  as  a 
steppingstone  to  some  other  position;  he  made  it  a  career. 
And  he  made  the  career  a  distinguished  one  by  his  own  dis- 
tinction. No  account  of  the  endowment  of  the  College  would 
be  complete  which  did  not  recognize  the  important  part  he 
played  in  the  enlargement  of  the  endowment,  a  part  that  for 
many  years  was  second  only  to  that  played  by  George  A. 
Plimpton,  the  president  of  the  Board. 


[171] 


Chapter  Nine 

PAUL    D.    WEATHERS,    Treasurer 
1940- 

The  death  of  Treasurer  Andrews  posed  an  immediate 
problem  to  the  Board  and  particularly  to  the  Finance  Com- 
mittee. The  post  had  become  in  the  last  dozen  years  the  sec- 
ond most  important  office  in  the  administration  of  the  Col- 
lege. A  number  of  alumni  desired  to  be  considered  for  the 
post,  but  two  seemed  outstanding  and  their  names  were  con- 
sidered by  the  Finance  Committee  with  great  care.  Neither 
of  them  sought  the  office;  we  sought  them  out.  A  few  years 
earlier,  I  had  met  at  commencement  Paul  D.  Weathers  of 
the  class  of  1915,  a  younger  brother  of  the  late  Neil  A. 
Weathers,  '98,  who  had  been  selected  by  the  Board  to  suc- 
ceed Dwight  Morrow  as  leader  of  the  Finance  Committee. 
Paul  Weathers  at  the  time  I  met  him  was  treasurer  of  La- 
fayette College.  And  when  I  first  met  him,  I  took  him  away 
from  his  classmates,  who  were  celebrating  their  reunion,  to 
learn  all  I  could  about  the  administration  of  the  finances  at 
Lafayette.  He  made  a  deep  impression  on  me  at  that  time, 
and  I  proposed  his  name  to  the  Finance  Committee.  After 
the  committee  had  canvassed  the  situation,  it  left  the  final 
decision  to  George  Pierce  and  me.  1  telephoned  Weathers  to 
invite  him  to  come  to  New  England  to  discuss  the  matter 
with  Pierce  in  Boston  and  with  me  in  Amherst.  Weathers 
came  first  to  Amherst  and  then  went  on  to  Boston.  Pierce 
and  I  agreed  that  he  was  the  man  for  Amherst,  and  our  rec- 
ommendation was  followed  by  the  approval  of  the  Board 
and  his  election  in  January  1941  as  treasurer  of  the  College. 

Weathers  was  born  in  Ocala,  Florida,  and  graduated  from 
[172] 


Amherst  in  the  class  of  1915.  He  was  forty-seven  years  old. 
After  leaving  Amherst,  he  spent  two  years  at  the  Harvard 
Graduate  School  of  Business  Administration,  receiving  the 
degree  of  Master  of  Business  Administration.  For  several 
years  he  was  employed  in  Bankers  Trust  Company,  New 
York.  Then  for  some  dozen  years  he  was  a  financial  officer  of 
various  public  utility  companies.  In  1932,  he  was  elected 
treasurer  of  Lafayette  College  in  Easton,  Pennsylvania,  and 
held  this  position  till  his  return  to  his  alma  mater  as  its  treas- 
urer. As  I  look  back  over  the  ten  years  that  have  inter- 
vened, I  am  satisfied  that  no  better  choice  could  have  been 
made.  Paul  D.  Weathers  is,  I  think  without  doubt,  the  ablest 
treasurer  Amherst  has  had  in  its  hundred  and  twenty-five 
years.  The  Board  has  recognized  his  abilities  by  a  petition  to 
the  Legislature  of  the  Commonwealth  asking  for  an  amend- 
ment to  the  charter  of  the  College  providing  that  henceforth 
the  treasurer  of  the  College  shall  be  a  member,  ex-officio,  of 
the  Board.  And  the  legislature  passed  the  necessary  act 
amending  the  College's  charter  in  this  respect. 

A  few  months  after  Weathers  took  office,  our  country  en- 
tered World  War  II  and  the  College  went  on  a  war  footing. 
This  meant  new  and  complicated  problems  for  the  treasurer's 
office,  which  were  admirably  handled  by  Weathers  and  his 
stafiF.  The  story  of  the  College's  participation  in  the  nation's 
war  effort  will  be  told  elsewhere.  Here  we  are  concerned 
with  the  development  of  the  endowment  of  the  College.  And 
the  problems  of  investment  and  reinvestment  continued  of 
course  throughout  the  war. 

Meanwhile,  the  personnel  of  the  Finance  Committee  was 
gradually  changing.  Pierce  of  course  continued  as  chairman. 
Maynard  resigned  from  the  Board  in  1941  and  became  trus- 
tee emeritus.  Kingman  left  the  committee  in  1940,  when  his 
term  as  alumni  trustee  ended,  and  rejoined  the  committee  in 
October  1943,  when  he  was  elected  a  life  trustee.  Fales  and 
Thorp  joined  the  committee  in  1942  and  1943,  Francis  in 
1944,  and  Gregory  in  1946. 

Frederick  S.  Fales  was  born  in  Rockland,  Maine,  gradu- 
ated from  Amherst  in  the  class  of  1896,  and  after  a  brief 

[  173  ] 


business  experience  in  Chicago,  joined  the  stajBF  of  Standard 
Oil  Company  of  New  York  in  1903.  In  1932  he  became  presi- 
dent as  well  as  vice-president  and  a  director  of  Socony- 
Vacuum  Oil  Company. 

Willard  L.  Thorp  graduated  from  Amherst  in  the  class  of 
1920  and  received  his  doctorate  from  Columbia  in  1924. 
From  1926  to  1934,  he  was  professor  of  economics  at  Am- 
herst, the  latter  year  on  leave  to  serve  as  Director  of  the  Bu- 
reau of  Foreign  and  Domestic  Commerce  in  Washington. 
Later  he  was  a  trustee  of  Associated  Gas  and  Electric  Com- 
panies, and  reorganized  the  companies  in  bankruptcy.  He  is 
now  Assistant  Secretary  of  State  of  the  United  States. 

Clarence  Francis  graduated  from  Amherst  in  the  class  of 
1910,  and,  after  a  long  business  experience  with  Corn  Prod- 
ucts Refining  Company  and  Postum  Company,  became  suc- 
cessively vice-president,  president,  and  chaiiman  of  the 
Board  of  General  Foods  Company  of  New  York. 

Richard  H.  Gregory  graduated  from  the  College  in  the 
class  of  1898  and  entered  the  employ  of  Western  Electric 
Company.  In  1908  he  became  comptroller  of  the  company 
and  served  in  this  capacity  until  his  retirement. 

These  men  brought  new  and  different  points  of  view  and 
widely  different  backgrounds  of  experience  to  the  work  of 
the  committee. 

We  must  now  examine  the  growth  of  the  endowment  of 
the  College.  A  comparison  with  previous  decades  shows  the 
following: 

1875     Total  Endowment,  excluding  Charity  Fund  $      584,845 

1882    Total  Endowment,  excluding  Charity  Fund  913,331 

1892    Total  Endowment,  excluding  Charity  Fund  1,225,184 

1903     Total  Endowment,  excluding  Charity  Fund  1,671,066 

1912     Total  Endowment,  excluding  Charity  Fund  2,629,509 

1924    Total  Endowment,  excluding  Charity  Fund  6,717,787 

1932  Total  Endowment,  excluding  Charity  Fund  8,580,561 
1946     Total   Endowment,    including    Charity    and 

Alumni  Funds,  but  excluding  Folger  Fund  12,837,192 
1946    Total  Endowment,  including  Charity, 

Alumni,  and  Folger  Funds  19,758,186 
[174] 


The  total  assets  of  the  College  in  1924  were  stated  at  8,949,442 
The  total  including  Folger  in  1932  were  stated  at  21,122,611 
The  total  including  Folger  in  1946  were  stated  at      31,461,003 

We  observe  that  in  the  tables  above  the  Charity  Fund  and 
the  Alumni  Fund  are  not  included  in  the  total  endowment  in 
1924  and  1932,  but  are  so  included  in  1946.  This  is  due  to  a 
change  in  accounting  practice  ordered  by  the  trustees  and 
concurred  in  by  the  appropriate  officers  of  the  two  funds.  To 
make  the  totals  really  comparable  we  must  therefore  add  the 
Charity  and  the  Alumni  Funds  for  the  years  1924  and  1932. 
This  gives  us  the  following  comparative  figures: 

1924    Total   Endowment,    including    Charity  and 

Alumni  Funds  $6,922,553 

1932     Ditto,  but  excluding  Folger  Fund  9,009,197 

1946    Ditto,  but  excluding  Folger  Fund  12,837,192 

But  in  1946  the  real  endowment  of  the  College  was  even 
larger  than  these  figures  indicate.  For  the  Folger  Fund  was 
bound  to  pay  the  College  $76,000  per  annum  in  perpetuity. 
This  was  equivalent  to  an  additional  endowment  of  $1,900,- 
000,  if  we  assume  an  interest  rate  of  4%.  In  other  words,  the 
college  endowment  which  supported  the  operations  of  the 
College  itself  was  in  1946  equivalent  to  some  $14,750,000. 
This  was  more  than  double  what  it  was  in  1924.  And  as  I 
look  back  to  the  days  when  I  first  began  work  for  the  College 
in  1919,  I  realize  that  during  those  twenty-seven  years  I 
have  seen  the  College's  endowment  grow  from  under  four 
million  to  over  fourteen  million,  or  nearly  fourfold;  and  I 
have  seen  the  total  resources  entrusted  to  the  trustees  grow 
from  about  five  million  dollars  to  over  thirty-one  million  dol- 
lars, or  sixfold.  It  is  an  extraordinary  record  and  it  is  due  to 
the  extraordinary  generosity  of  Amherst's  sons  and  of  their 
widows  and  children,  a  generosity  which  has  found  expres- 
sion in  countless  wills  and  in  countless  gifts  from  the  living. 
The  confidence  and  the  devotion  of  her  sons  are  the  founda- 
tion of  the  College  today,  and  the  promise  for  the  future  of 
Amherst. 

We  must  now  go  back  and  note  some  of  the  additions  to 

[175] 


the  endowment  as  they  came  to  the  College  from  year  to 
year  during  the  fourteen-year  period  from  1932  to  1946  of 
my  term  as  president. 

In  the  year  1934-35  the  College  received  the  second 
largest  bequest  it  has  received  for  college  purposes,  under 
the  will  of  Frank  L.  Babbott  of  the  class  of  1878.  Mr.  Bab- 
bott  made  two  specific  bequests  of  $10,000  each,  one  for 
scholarship  purposes  and  one  for  the  Amherst  Chapter  of 
Alpha  Delta  Phi.  In  addition,  he  gave  the  College  one-third 
of  the  residue  of  his  estate,  amounting  to  $1,172,515,  with 
the  provision  that  for  twenty-five  years  the  income  only 
should  be  used.  At  the  expiration  of  that  period,  the  fund  is 
without  restriction.  Mr.  Babbott  had  always  been  a  most 
generous  benefactor  of  the  College;  many  of  his  gifts  dur- 
ing his  lifetime  had  been  made  anonymously.  He  visited  the 
College  frequently  and  sought  out  ways  in  which  he  could 
make  a  gift  which  would  enable  the  College  to  do  some- 
thing it  was  not  then  able  to  do.  Often  his  gifts  did  not  pass 
through  the  treasurer's  office,  but  were  made  directly  to 
some  department  or  some  professor.  President  Pease  took 
some  exception  to  this  procedure,  believing  that  gifts  should 
pass  through  regular  channels,  but  Mr,  Babbott  continued  in 
his  quiet  way  to  make  gifts  for  this  or  that  purpose.  Some- 
times he  would  tell  me  about  them,  but  usually  I  would  hear 
of  them  from  other  sources.  One  of  the  objects  of  his  contin- 
ued interest  was  the  Department  of  English  and  particularly 
the  work  of  Professor  George  F.  Whicher  of  that  department. 

It  therefore  seemed  to  me  appropriate,  when  the  College 
received  the  large  bequest  under  his  will,  to  propose  to  the 
Board  that  it  name  Professor  Whicher  Professor  of  English 
on  the  Frank  L.  Babbott  Foundation,  and  the  Board  unani- 
mously approved  my  suggestion.  In  addition,  I  suggested  to 
the  Board  that  the  College  use  college  funds  to  make  the 
room  on  the  second  floor  of  the  Woods  Cabinet  (the  Octa- 
gon )  into  a  faculty  room,  to  be  named  the  Frank  L.  Babbott 
Room.  Over  the  fireplace  hangs  a  fine  portrait  in  oil  of  Mr. 
Babbott  which  the  Board  authorized  me  to  commission. 

Mr.  Babbott  (1854-1933)  was  born  in  Waterville,  New 
[176] 


York,  and  graduated  from  Amherst  in  the  class  of  1878.  Two 
years  later  he  graduated  from  Columbia  Law  School.  He  re- 
ceived the  honorary  degree  of  Master  of  Arts  from  Amherst 
at  commencement  in  1903,  when  I  received  my  own  Bache- 
lor's degree.  After  eighteen  years  in  business  he  retired,  in 
1901,  and  thereafter  devoted  himself  to  civic  and  public 
causes.  He  was  president  of  the  Board  of  Packer  College  In- 
stitute in  Brookl)'!!,  trustee  of  Vassar  College,  trustee  of 
Brooklyn  Academy  of  Music,  vice-president  of  the  New  York 
Board  of  Education,  trustee  of  the  Brooklyn  Public  Library 
and  the  Brooklyn  Institute  of  Arts  and  Sciences.  In  1886,  he 
married  Lydia  Richardson  Pratt,  daughter  of  Charles  Pratt 
and  sister  of  Charles  M.  Pratt.  His  daughter  married  Wil- 
liam S.  Ladd,  '10,  later  a  trustee  of  Amherst,  and  his  son 
graduated  from  Amherst  in  the  class  of  1913.  Later,  while  I 
was  president  of  the  College,  we  had  several  of  his  grand- 
sons in  our  student  body.  When  the  alumni  of  the  College  fi- 
nanced the  building  of  the  Lord  Jeffery  Inn,  Mr.  Babbott 
asked  that  the  dining  room  be  assigned  to  him  for  decora- 
tion. The  oil  portraits  on  the  walls  of  the  dining  room  and 
the  silver  service  are  his  gifts  to  the  Inn,  which  he  enjoyed  as 
much  as  any  of  his  New  York  Clubs.  I  have  said  that  Am- 
herst received  one-third  of  the  residue  of  his  estate.  One- 
sixth  went  to  Vassar  College,  where  his  wife  had  graduated, 
and  one-half  to  the  Long  Island  College  of  Medicine  and  its 
associated  hospitals,  of  which  his  son  was  then  president. 

A  third  large  addition  to  endowment  came  to  the  College 
from  William  Rutherford  Mead,  '67,  and  Mrs.  Mead.  Mr. 
Mead  (1846-1928)  was  born  in  Brattleboro,  Vermont,  and 
graduated  from  Amherst  in  the  class  of  1867.  For  five  years 
after  his  graduation  he  studied  architecture  in  America  and 
Europe.  On  his  return  to  New  York,  he  went  into  partner- 
ship with  Charles  R.  McKim,  and  in  1879,  with  Stanford 
\Vhite,  they  formed  the  partnership  of  McKim,  Mead  & 
White,  which  became  the  leading  fimi  of  architects  in  the 
country.  Mr.  Mead  was  a  member  of  the  American  Institute 
of  Arts  and  Letters,  president  of  the  American  Academy  in 
Rome,  National  Academician,  and  received  the  Gold  Medal 

[177] 


of  Honor  of  the  National  Institute  of  Arts  and  Letters.  He 
was  awarded  honorary  degrees  by  Norwich  University  and 
the  University  of  Pennsylvania;  and  from  his  alma  mater  he 
received  its  highest  degree.  He  organized  and  for  many  years 
headed  the  Art  Commission  of  the  College,  and  was  presi- 
dent for  a  dozen  years  of  the  Amherst  Alumni  Association  of 
New  York.  He  stimulated  the  gift  of  Converse  Memorial  Li- 
brary and  the  endowment  of  the  Library  by  his  kinsman, 
Edmund  C.  Converse.  And  next  to  his  love  of  the  arts  was 
his  love  for  Amherst.  He  died  in  Paris  in  1928.  His  wife,  Olga 
Kilenyi  of  Budapest,  survived  him  for  eight  years.  On  her 
death,  the  College  received  from  trust  estates  set  up  by  Mr. 
Mead  and  from  his  and  his  wife's  estates  some  $919,635.  To 
Columbia  went  $100,000  and  to  the  American  Academy  in 
Rome  the  same  amount;  to  Amherst  came  everything  else 
including  furniture,  jewelry,  tapestries,  and  other  works 
of  art. 

Mr.  Mead  had  discussed  his  proposed  gifts  with  three 
members  of  the  Board  —  Morrow,  Plimpton,  and  myself.  We 
tried  to  persuade  him  to  endow  a  professorship,  but  his  re- 
ply was  that  others  would  and  could  do  that;  he  wished  to 
have  his  gift  used  for  the  development  of  a  Department  of 
Fine  Arts  at  Amherst.  First,  he  said,  you  must  find  the  right 
man  to  head  the  department;  then  build  a  building  to  house 
the  department;  and  then  establish  one  or  more  fellowships. 
Morrow  was  his  closest  friend  on  the  Board.  Morrow  ar- 
ranged for  the  drafting  of  the  necessary  papers:  deeds  of 
trust,  letters  to  the  Board,  and  the  joint  wills  of  Mr.  and  Mrs. 
Mead;  and  Morrow  was  one  of  his  executors.  With  me.  Mead 
discussed  the  location  of  the  proposed  building.  We  walked 
about  the  campus  discussing  various  sites,  but  found  none 
that  satisfied  him. 

I  never  met  Mrs.  Mead.  I  tried  to  call  on  her  in  Paris  in  the 
early  1930's,  but  she  sent  word  to  me  that  she  preferred  to 
discuss  Amherst  matters  only  with  Morrow  or  Plimpton. 
Both  Morrow  and  Plimpton  called  on  her  there.  Unhap- 
pily, during  much  of  the  time  after  her  husband's  death  she 
was  in  a  state  of  mental  disequilibrium,  and  during  part  of 
[178] 


the  time  she  was  in  a  nursing  home.  Mrs.  Mead  had  only  one 
relative  living,  a  sister  in  Budapest,  who  was  impoverished. 
But  Mrs.  Mead  refused  to  send  her  money.  Under  these  con- 
ditions, Morrow  personally  sent  her  a  monthly  check  as  long 
as  he  lived,  and  after  his  death  the  College  continued  the  sti- 
pend until  all  such  payments  became  impossible  after  our 
entry  into  the  war.  The  sister  survived  the  war  in  some  way, 
and  the  College  again  undertook  to  send  her  a  monthly 
stipend. 

On  Mrs.  Mead's  death,  the  College  received  the  securities 
and  cash,  the  furniture  and  personal  belongings  of  Mr.  and 
Mrs.  Mead.  The  treasurer  of  course  handled  the  cash  and  se- 
curities in  the  usual  way.  All  of  the  furnishings  and  personal 
property  were  shipped  to  Pratt  Gymnasium,  and  examined 
with  care.  Much  was  useful  for  the  Department  of  Fine 
Arts,  some  for  the  theater,  some  for  the  president's  house. 

The  first  step  for  the  Board  was  obviously  the  establish- 
ment of  a  professorship,  and  I  recommended  the  appoint- 
ment of  Charles  Hill  Morgan,  II,  of  our  faculty  to  the  Mead 
Professorship  of  Fine  Arts.  Then  studies  were  begun  to  de- 
termine an  appropriate  site.  These  were  interrupted  by  the 
war,  as  both  Professor  Morgan  and  the  college  architect, 
James  Kellum  Smith  of  the  class  of  1915,  entered  the  Army 
Air  Force.  In  November  1948  the  contract  for  the  Mead  Art 
Building  was  let,  and  the  building  was  completed  a  year 
later.  The  fellowships  doubtless  will  follow  in  due  time. 

In  1937  the  College  received  a  bequest  of  $300,000  from 
Arthur  Milliken  of  the  class  of  1880.  I  have  already  told  the 
story  of  Mr.  Milliken  in  connection  with  the  gift  of  the  1880 
Professorship  of  Greek  to  the  College  in  1930. 

In  1938  the  College  received  an  even  larger  bequest  from 
Milliken's  classmate,  Henry  P.  Field,  familiarly  known  as 
Judge  Harry  Field.  Judge  Field  left  the  College  practically 
his  entire  estate,  amounting  to  nearly  $400,000.  Henry  P. 
Field  (1858-1937)  was  born  in  New  London,  Connecticut. 
His  father.  Reverend  Thomas  P.  Field,  had  graduated  from 
the  College  in  the  class  of  1834,  been  a  tutor  at  the  College 
from  1837  to  1839,  a  professor  from  1853  to  1856,  and  from 

[  179  ] 


1877  to  1886.  Harry  Field  entered  the  law  school  of  the  Uni- 
versity of  Michigan  after  graduating  from  Amherst  and  re- 
ceived his  law  degree  in  1882,  From  then  until  his  death,  he 
made  his  home  in  Northampton  and  practiced  his  profession 
there.  He  was  at  one  time  mayor  of  the  city,  twice  delegate 
to  the  Republican  National  Convention,  and  for  many  years 
Judge  of  Probate  for  Hampshire  County.  For  most  of  his  life 
he  was  active  in  alumni  matters,  and  for  twenty  years  chair- 
man of  one  of  the  important  alumni  committees.  He  never 
married.  He  was  wise,  witty,  conservative,  shrewd  in  his 
judgments  of  men,  and  utterly  devoted  to  his  college  and  his 
fraternity. 

For  perhaps  a  generation  he  served  either  as  toastmaster 
or  principal  speaker  at  the  initiation  banquet  of  the  Gamma 
Chapter  of  Psi  Upsilon,  and  his  reputation  as  an  after-dinner 
speaker  spread  far  and  wide.  I  remember  very  well  one  ini- 
tiation banquet  at  the  chapter  house  to  which  I  was  invited 
as  president  of  the  College.  I  took  with  me  President  Nicho- 
las Murray  Butler  of  Columbia,  who  was  our  guest  at  the 
president's  house  at  the  time  and  who  was  also  a  member  of 
Psi  Upsilon.  President  Butler  was  himself  a  master  of  the  art 
of  after-dinner  speaking,  and  delivered  a  finished  address 
that  evening.  But  the  event  of  the  dinner  was  the  witty  re- 
partee indulged  in  between  Judge  Field  and  Reverend  Sher- 
rod  Soule  of  the  chapter  in  their  addresses.  When  President 
Butler  and  I  left,  he  asked  me  for  the  addresses  of  both 
Judge  Field  and  Dr.  Soule,  saying  he  had  never  heard  two 
wittier  addresses  at  any  dinner  in  his  long  experience  and  he 
wished  to  write  notes  to  them  both  on  his  return  to  New 
York. 

Judge  Field  had  been  personal  counsel  for  the  Dickinson 
family  of  Amherst  throughout  his  professional  career.  He 
had  acted  for  William  Austin  Dickinson,  the  college  treas- 
urer, for  Sue  Dickinson,  Austin's  wife,  and  later  for  their 
daughter  Mattie,  known  as  Madame  Bianchi. 

And  I  still  remember  well  the  one  occasion  during  my 
term  as  president  when  the  Gamma  Chapter  of  Psi  Upsilon 
won  the  Treadway  Interfraternity  Trophy  for  Scholarship.  I 
[180] 


made  the  announcement  in  morning  chapel.  One  of  Judge 
Field's  old  friends  among  the  alumni  happened  to  be  pres- 
ent, and  when  the  service  was  over  he  telephoned  the  news 
to  a  bailiff  in  Judge  Field's  court,  who  wrote  down  the  mes- 
sage and  passed  it  up  to  the  Judge  on  the  bench.  Two  lawyers 
were  arguing  a  case  before  the  Judge  at  the  time.  They  were 
dumbfounded  to  note  the  Judge  looking  down  to  read  the 
message  and  then  saying,  "Now  let  thy  servant  depart  in 
peace  for  he  hath  seen  the  glory  of  the  Lord.  Court  will  recess 
for  ten  minutes."  The  Judge  withdrew  to  his  chambers,  and 
called  the  Psi  U  House  on  the  telephone  to  inquire  if  the 
news  was  correct.  Then  he  extended  his  congratulations,  and 
asked  the  head  of  the  house  to  have  the  local  photographer 
take  a  large  picture  of  the  chapter  with  the  cup,  send  him  a 
copy,  and  send  the  bill  to  him.  In  ten  minutes  he  returned  to 
the  bench,  and  the  attorneys  went  on  with  their  arguments 
in  the  case  on  trial. 

Judge  Field's  generous  bequest  was  for  scholarships,  and 
for  education  and  instruction.  The  Board  established  the 
Field  fellowships  in  history  and  English. 

Two  years  later  occurred  the  death  of  a  third  member  of 
the  class  of  1880,  James  Turner.  He  had  underwritten  with 
Arthur  Milliken  the  gift  of  his  class  of  the  1880  Professor- 
ship. He  had  made  many  other  gifts  to  the  College,  mostly 
anonymous.  In  1935  he  gave  a  fund  of  $10,000,  to  which  he 
added  $6,000  the  following  year,  for  the  religious  work  of  the 
College,  a  gift  made  in  recognition  of  the  work  of  Charles  H. 
Cadigan,  '27,  then  Director  of  Religious  Activities.  He  had 
given  the  Little  Red  Schoolhouse.  In  his  will  he  left  $200,000 
as  an  endowment  fund  for  the  Alumni  Council.  This  fund, 
when  added  to  what  the  Council  already  had,  made  the 
Council  self-supporting.  Thereafter,  all  of  the  annual  gift  of 
the  alumni  was  available  for  college  purposes,  as  the  annual 
expense  of  the  Council  could  now  be  taken  care  of  from  in- 
come on  its  endowment.  And  in  1940,  at  my  suggestion,  Mr. 
Turner's  brother  and  sister,  William  J.  and  Isabel,  gave  $10,- 
000  each  in  memory  of  Jim  as  an  endowment  for  the  work 
carried  on  in  the  Little  Red  Schoolhouse.  In  1948,  on  the 

[181] 


death  of  his  brother,  WiUiam  J.,  the  College  received  a  be- 
quest of  $50,000  for  the  Alumni  Endowment  Fund. 

In  1938,  the  College  received  a  bequest  of  $300,000  from 
William  A.  Sargent  of  the  class  of  1879,  unrestricted.  Mr. 
Sargent  (1858-1936)  was  born  in  Boston  and  spent  his  en- 
tire life  there.  He  had  graduated  from  Boston  University 
Law  School  in  1881  and  been  a  practicing  lawyer  in  Boston 
till  his  retirement  in  1916.  While  Mr.  Sargent  was  never  ac- 
tive in  alumni  matters,  he  had  a  strong  feeling  for  his  class. 
He  returned  to  Amherst  regularly  at  commencement,  but  in- 
stead of  circulating  among  the  reunion  classes  he  spent  most 
of  his  time  on  the  piazza  of  his  classmate,  Audubon  Hardy, 
on  Lincoln  Avenue,  where  members  of  '79  always  made  their 
informal  headquarters.  There  I  used  to  see  him.  But  on  the 
advice  of  Mr.  Hardy,  who  told  me  of  the  generous  provision 
for  the  College  in  Sargent's  will,  I  never  mentioned  the  needs 
of  the  College.  And  I  never  came  to  know  him  well. 

In  1938,  Arthur  Curtiss  James  made  his  last  gift  to  the  Col- 
lege in  his  lifetime.  After  the  death  of  his  classmate,  Freder- 
ick J.  E.  Woodbridge,  his  closest  contacts  with  the  College 
were  his  classmate,  Professor  William  P.  Bigelow,  Miss  Mar- 
garet Hitchcock,  curator  of  the  Hitchcock  Memorabilia 
Room,  who  was  the  daughter  of  a  classmate,  Fred  Allis,  and 
myself.  Bigelow  decided  to  retire  from  the  faculty  a  year  be- 
fore the  retirement  age  of  70.  He  had  lived  for  many  years  in 
his  own  house  at  the  corner  of  Orchard  Street  and  Northamp- 
ton Road,  and  on  his  retirement  Mrs.  Bigelow  and  he  wished 
to  move  to  a  smaller  house.  Fred  Allis  brought  the  matter  to 
the  attention  of  James,  after  consulting  with  me.  James  then 
gave  the  College  $20,000,  without  formal  restrictions  but 
with  the  understanding  with  Allis  and  me  that  the  College 
would  buy  the  Bigelow  house  for  $20,000.  This  would  give 
the  Bigelows  the  additional  income  on  $20,000,  it  would  give 
the  College  a  fine  faculty  house,  and  it  would  enable  James 
to  do  for  his  classmate  indirectly  what  he  knew  well  his  class- 
mate would  not  accept  directly.  Bigelow  had  the  additional 
satisfaction  of  seeing  his  successor  in  the  Department  of  Mu- 
sic, Professor  Vincent  Morgan,  succeed  him  in  the  Orchard 
[182] 


Street  House,  and  remarked  to  me  when  I  told  him  that  I 
was  assigning  the  house  to  Morgan  that  he  beheved  in  the 
apostohc  succession  in  music. 

Mr.  James  was  in  poor  health  for  many  years  before  the 
end.  And  Mrs.  James  was  also  an  invalid.  Four  nurses  were 
always  in  the  house,  three  for  Mrs.  James  and  one  for  Arthur 
James.  When  the  doctors  told  him  he  could  no  longer  sail  the 
Aloha,  for  which  he  had  an  extraordinary  aflfection,  he  or- 
dered her  broken  up.  No  one  else  should  sail  that  majestic 
ship.  He  then  acquired  a  large  motor  cruising  yacht  which 
he  named  the  Aloha  Lei  (the  small  Aloha).  Mrs.  King  and  I 
saw  him  every  year,  sometimes  at  Vineyard  Haven  on  Mar- 
tha's Vineyard,  sometimes  at  his  lovely  home,  "  Four  Winds," 
at  Coconut  Grove,  Florida.  Whenever  the  Aloha  Lei  put  in 
at  Vineyard  Haven  on  a  summer  cruise,  he  would  send  word 
to  us  to  dine  with  him  aboard,  and  whenever  we  went  to 
Florida  on  a  short  winter  holiday  we  would  call  on  him  at 
Coconut  Grove.  He  told  Fred  Allis  once  that  I  was  one  of 
the  few  people  who  came  to  see  him  regularly  who  never 
asked  him  for  anything.  And  this  of  course  was  true.  There 
was  no  alumnus  of  his  time  who  was  more  deeply  devoted  to 
the  College  or  had  given  to  it  more  generously. 

In  June  1941  he  died,  a  few  weeks  after  the  death  of  his 
wife.  After  her  passing  he  had  nothing  more  to  live  for;  they 
had  never  had  children.  I  arranged  with  the  executors  to 
have  the  house  flag  of  the  Aloha,  the  star  and  crescent,  pre- 
sented to  the  Amherst  Chapter  of  Alpha  Delta  Phi.  At  the 
public  auction  of  the  furnishings  of  his  great  Park  Avenue 
home.  Professor  Charles  H.  Morgan  of  our  faculty  bought 
and  presented  to  me  an  oil  portrait  of  the  Aloha  in  Vineyard 
Haven  Harbor  which  James  had  commissioned  years  before 
and  which  hung  in  his  study.  His  homes  were  sold,  and  after 
the  payment  of  a  number  of  personal  bequests,  the  residue 
of  his  estate  passed  to  the  James  Foundation,  Inc.  On  his 
death  the  College  became  the  beneficiary  of  four-eighteenths 
of  a  trust  fund  set  up  by  him  in  1930.  The  College's  share 
amounted  to  some  $340,000.  In  addition,  the  College  re- 
ceived from  the  James  Foundation,  Inc.,  some  $97,000  dur- 

[183] 


ing  the  years  1942  to  1946  inclusive,  all  of  it  for  current 
purposes. 

In  1945-46  the  College  received  an  entirely  unexpected 
bequest  under  the  will  of  Elmer  W.  Wiggins  of  the  class  of 
1901.  Elmer  Wiggins  (1878-1944),  was  born  in  Warsaw, 
New  York.  We  were  contemporaries  in  college.  After  gradu- 
ation he  took  one  year  at  Massachusetts  Institute  of  Tech- 
nology, and  then  entered  the  employ  of  the  du  Pont  Com- 
pany. In  1927  he  founded  his  own  company  to  operate 
airplanes  in  New  England.  We  saw  each  other  often,  but  nei- 
ther I  nor  any  of  my  contemporaries  knew  that  he  had  be- 
come a  wealthy  man.  His  bequest  to  the  College  was  $100,- 
000  for  scholarship  purposes.  His  widow  threatened  to  con- 
test the  will,  and  a  settlement  was  made  under  which  the 
College  relinquished  $10,000  of  its  bequest.  The  remainder 
we  received  in  1946  and  1947. 

Under  the  will  of  Charles  M.  Pratt,  '79,  a  former  trustee, 
we  received  $25,000.  Under  the  will  of  his  brother,  George  D. 
Pratt,  '93,  a  former  trustee,  we  received  some  $57,000.  Under 
the  will  of  Everett  Alonzo  White,  '89,  we  received  a  bequest 
of  $30,000,  the  income  to  be  used  for  golf  and  nothing  but 
golf.  And  under  the  will  of  James  A.  McKibben,  '89,  for  many 
years  secretary  of  the  Boston  Chamber  of  Commerce,  we  re- 
ceived a  bequest  of  $18,312.  From  the  estate  of  Harold  W. 
Stevens  we  received  nearly  $40,000.  And  under  the  will  of 
Fred  L.  Norton,  '86,  a  Boston  lawyer,  we  received  nearly 
$40,000. 

In  1943  we  received  $10,000  from  the  estate  of  Lucius 
Root  Eastman,  '95.  And  in  1947  his  widow  added  $40,000  to 
the  Fund.  Lucius  Eastman  was  one  of  seven  brothers  who 
graduated  from  Amherst.  His  father  was  a  member  of  the 
class  of  1857,  his  grandfather  a  member  of  the  class  of  1833; 
his  great-grandfather  was  a  contributor  to  the  Charity  Fund 
of  the  College  in  1818-1819.  His  two  sons  graduated  from  the 
College,  and  his  daughter  married  a  graduate.  After  gradu- 
ation Eastman  studied  law  at  Boston  University  and  was 
admitted  to  the  bar.  In  1905  he  became  president  of  Hills 
Brothers  Company,  distributors  of  Dromedary  Dates  and 
[184] 


later  of  other  food  products,  a  concern  in  which  his  wife's 
family  were  the  principal  owners.  He  was  active  in  alumni 
matters,  chairman  of  the  Alumni  Council,  trustee  of  the  Col- 
lege, chairman  of  the  Executive  Committee  of  the  Board, 
and  active  in  many  civic  and  philanthropic  causes.  For  five 
years  he  was  American  representative  on  the  economic  com- 
mittee of  the  League  of  Nations. 

During  the  period  under  review  the  College  received  large 
gifts  for  endowment  from  its  living  alumni  and  friends.  The 
most  unusual  were  the  gifts  for  the  Joseph  B.  Eastman  Foun- 
dation. Joseph  B.  Eastman  (1882-1944)  and  I  entered  col- 
lege together  and  were  lifelong  friends.  Born  in  Katonah, 
New  York,  the  son  of  Reverend  John  H.  Eastman  of  the  class 
of  1869,  Joe  Eastman  graduated  from  Amherst  in  the  class  of 
1904.  For  the  following  year  he  was  Amherst  Fellow  at  the 
South  End  House  in  Boston  and  for  seven  years  secretary  of 
the  Public  Franchise  League  in  Boston.  He  was  counsel  for 
the  unions  in  various  wage  arbitrations  in  1913-1914.  In  1915 
he  was  appointed  to  the  Public  Service  Commission  of  Mas- 
sachusetts. In  1919  he  was  appointed  to  the  Interstate  Com- 
merce Commission  by  President  Wilson  and  continued  as  a 
member  of  the  Commission  until  his  death.  He  was  Federal 
Coordinator  of  Transportation  under  the  Emergency  Rail- 
way Transportation  Act  from  1933  to  1936,  and  during 
World  War  II  he  was  Diiector  of  the  Office  of  Defense 
Transportation  for  the  country.  He  died  in  office  in  March 
1944.  On  June  4, 1945  the  Medal  of  Merit  was  awarded  post- 
humously to  him,  his  sister  Elizabeth  receiving  the  award. 
This  was  only  the  tenth  Medal  of  Merit  awarded  to  a  civilian 
since  the  foundation  of  the  country.  He  had  served  four 
years  as  an  alumni  trustee  of  the  College. 

Soon  after  his  death,  the  College  received  from  some  of 
his  friends  a  letter  proposing  that  a  fund  be  established  to  be 
called  the  Joseph  B.  Eastman  Foundation.  They  suggested 
that  the  Trustees  of  the  College  hold  and  administer  the 
fund  because  Eastman  had  received  his  education  at  Am- 
herst and  was  serving  as  a  trustee  at  the  time  of  his  death. 
The  prime  mover  in  the  proposal  of  the  Foundation  was  Fay- 

[185] 


ette  B.  Dow  of  the  class  of  1904,  and  the  letter  was  signed,  in 
addition,  by  Gilbert  Montague,  of  the  New  York  Bar,  a  grad- 
uate of  Harvard,  and  by  Frank  Wright,  a  former  railroad 
man  who  had  been  closely  associated  with  Eastman  in  his 
government  work.  Dow  has  worked  tirelessly  for  the  Foun- 
dation. With  the  exception  of  gifts  from  Eastman's  personal 
friends  in  the  alumni  body,  the  fund  thus  far  has  been 
contributed  by  non-Amherst  sources.  On  July  1,  1948  the 
Joseph  B.  Eastman  Foundation  had  capital  assets  of  $192,- 
352.70,  exclusive  of  the  Research  Fund  of  $24,130.19. 

In  1945  the  College  received  a  gift  of  $25,000  from  Mr.  and 
Mrs.  Frank  M.  Lay  of  Kewanee,  Illinois,  to  establish  a  fel- 
lowship in  memory  of  their  son,  Edward  P.  Lay,  of  the  class 
of  1922.  The  fellowship  is  for  graduate  work  in  the  field  of 
music  or  of  dramatic  arts.  Frank  Lay  graduated  from  the 
College  in  the  class  of  1893  and  has  spent  his  life  in  business 
in  Kewanee,  Illinois,  where  he  has  also  been  active  in  civic 
and  educational  matters.  He  has  always  been  generous  to 
his  alma  mater.  His  son  Edward,  after  finishing  his  college 
course,  devoted  his  life  to  singing  and  made  a  marked 
success  in  the  professional  field.  His  health  gave  way 
while  he  was  still  a  young  man,  and  he  died  in  Santa  Fe  in 
1944. 

No  college  has  had  a  more  generous  alumnus,  year  in  and 
year  out,  than  Charles  E.  Merrill  of  the  class  of  1908.  Born 
in  Green  Cove  Springs,  Florida,  and  raised  in  West  Palm 
Beach,  the  son  of  a  country  physician,  Merrill  entered  Am- 
herst in  1904  and  remained  for  two  years.  His  ambition  was 
to  become  a  lawyer.  But  he  was  severely  handicapped  by  the 
lack  of  adequate  money,  and  at  the  end  of  two  years  trans- 
ferred to  the  University  of  Michigan,  where  his  law  course 
could  begin  at  the  conclusion  of  his  junior  year  in  the  col- 
lege. He  found  it  impossible  to  earn  enough  money  to  sup- 
port himself  at  Michigan  and  resigned  at  the  end  of  a  year 
and  went  to  work.  For  four  years  he  worked  for  George  H, 
Burr  &  Co.  of  New  York,  dealers  in  commercial  paper.  In 
1914  he  resigned  and  began  business  for  himself  under  the 
name  of  Charles  E.  Merrill  Company.  The  following  year  he 
[186] 


formed  a  partnership  with  Edmund  C.  Lynch  under  the  name 
of  Merrill  Lynch  &  Company,  bankers.  Today  Merrill  heads 
the  firm  of  Merrill  Lynch,  Pierce,  Fenner  &  Beane,  the  larg- 
est banking  and  brokerage  firm  in  the  world,  doing  about  ten 
per  cent  of  all  business  done  on  the  New  York  Stock  Ex- 
change. He  has  received  the  honorary  degree  of  Master  of 
Arts  and  later  of  Doctor  of  Laws  from  his  alma  mater,  as  well 
as  honorary  degrees  from  other  institutions.  Each  year  he 
makes  a  generous  gift  to  the  College.  In  the  years  1936  to 
1946,  inclusive,  Merrill  made  thirty-two  gifts  to  the  College 
for  various  pui-poses  outside  of  his  gifts  to  the  Alumni  Fund, 
and  the  total  of  these  gifts  was  over  $150,000.  In  1946  he  and 
his  partners  ( he  has  some  eighty )  gave  over  a  million  dollars 
to  found  the  Merrill  Foundation  for  the  Advancement  of  Fi- 
nancial Knowledge,  with  the  provision  that  the  trustees 
should  expend  the  principal  and  income  of  the  fund  within 
twelve  years.  Four  of  the  eight  trustees  are  graduates  of  Am- 
herst: Merrill,  '08,  Winthrop  H.  Smith,  16,  John  J.  McCloy, 
'16,  and  myself.  The  Foundation  has  recently  made  a  sub- 
vention of  $5,000  to  Amherst  for  a  study  of  inflation  by  Pro- 
fessor Lester  Chandler  of  the  faculty.  Merrill's  son  James 
graduated  from  the  College,  summa  cum  laude,  in  1947. 

In  the  winter  of  1943,  when  I  was  in  Boston  with  President 
Baxter  of  Williams  College,  he  told  me  that  just  before 
Christmas  in  1942  he  had  received  a  letter  from  an  Amherst 
alumnus  saying  in  effect  that  he  had  bet  on  the  recent  Am- 
herst-Williams game  with  a  Williams  alumnus  and  asked 
him  odds,  which  were  given.  Amherst,  it  will  be  recalled, 
won  the  game  by  two  touchdowns,  although  Williams  was 
the  favorite  before  the  game.  The  Amherst  alumnus  enclosed 
with  his  letter  a  check  to  Williams  College  in  the  amount  of 
$500  to  be  used  by  the  president  for  some  deserving  student 
in  need.  I  told  President  Baxter  that  there  was  only  one 
alumnus  who  could  have  sent  that  letter,  and  that  it  was 
Charles  E.  Merrill  of  1908.  It  was.  The  same  Christmas,  I  told 
Baxter,  I  had  received  from  Merrill  a  check  for  $5,000.  I 
knew  that  Merrill  gave  regularly  to  other  colleges  as  well  as 
to  Amherst. 

[187] 


Perhaps  the  most  interestmg  story  of  a  gift  to  the  College 
during  my  term  as  president  occurred  in  the  spring  of  1935. 
One  afternoon  James  N.  Worcester  of  the  class  of  1906 
called  at  my  office.  Worcester  was  a  nephew  of  James 
Turner.  He  had  studied  medicine  at  Columbia  University 
and  become  a  surgeon  of  distinction.  In  1932  he  had  been 
forced  to  retire  because  of  a  serious  brain  injury  suflFered 
when  he  was  beaten  up  by  a  thug  on  his  way  home  across 
Central  Park  in  New  York  City.  He  told  me  this  story.  He 
had  just  returned  from  a  holiday  in  England  and  still  had  in 
his  wallet  a  number  of  $100  bills  which  he  had  not  used 
abroad.  On  his  return,  he  decided  to  drive  to  Amherst.  On 
reaching  Northampton,  he  stopped  at  a  barber  shop  for  a 
shave.  When  the  barber  had  completed  his  work,  Worcester 
found  that  he  had  spent  on  the  trip  all  his  small  bills  and 
change,  and  he  was  forced  to  offer  the  barber  a  $100  bill. 
The  barber  excused  himself  to  go  out  and  have  the  bill 
changed.  He  returned  shortly  with  two  policemen,  who 
promptly  placed  Dr.  Worcester  under  arrest  and  locked  him 
up.  They  refused  to  tell  him  on  what  charge  he  was  arrested. 
And  they  refused  his  request  that  he  or  they  communicate 
either  with  Judge  Henry  Field  of  Northampton  or  with  me 
at  Amherst.  After  several  hours,  during  which  he  was  held 
incommunicado,  the  chief  of  police  came  to  his  cell  and  apol- 
ogized and  said  a  serious  mistake  had  been  made.  His  change 
was  returned  to  him  and  he  was  allowed  to  leave.  He  came  at 
once  to  my  office  and  said  he  was  so  happy  to  be  out  of  jail 
and  in  Amherst  that  he  would  like  to  make  a  gift  to  the 
College  in  celebration.  He  asked  me  what  the  College 
wanted  at  the  moment.  I  countered  by  asking  him  how  large 
a  gift  he  contemplated  making.  He  replied  that  his  checking 
account  could  stand  a  check  for  $5,000.  I  told  him  of  the 
Hitchcock  Memorabilia  Room  and  that  we  had  no  money  for 
operating  purposes.  And  he  then  drew  his  check  to  the  Col- 
lege for  $5,000  for  this  purpose,  with  the  condition  that  the 
gift  should  be  anonymous.  The  next  winter  Mrs.  King  and  I 
saw  him  on  his  boat  in  Palm  Beach,  a  few  weeks  before  his 
death.  No  harm  can  now  be  done  by  breaching  his  anonymity 
[188] 


and  telling  this  extraordinary  story  of  his  experience  in 
Northampton. 

We  have  considered  the  gifts  and  bequests  the  College  re- 
ceives for  endovi^ment.  We  have  seen  that  some  are  given  to 
the  College  with  the  restriction  that  the  principal  shall  be 
kept  intact  and  that  the  College  shall  use  only  the  income. 
Some  are  unrestricted  but  are  added  by  the  Board  to  the  en- 
dowment; some  we  classify  as  unrestricted  but  treat  as  en- 
dowment. In  addition,  the  College  receives  a  very  large  num- 
ber of  gifts  which  are  to  be  used  for  the  current  expenditures 
of  the  College  from  year  to  year.  Most,  but  not  all  of  these, 
are  gifts  from  individual  alumni  through  the  Alumni  Fund. 
We  have  already  followed  the  history  of  the  Alumni  Fund 
from  its  beginnmg  in  1906  to  1923  when  it  was  begun  again 
after  the  interruption  made  for  the  Centennial  Gift.  From 
1923,  the  alumni  made  an  annual  gift  to  the  College  each 
year  up  to  and  including  1946.  The  disposition  of  the  gift  is 
made  each  year  by  joint  action  of  the  Executive  Committee 
of  the  Alumni  Council  and  the  Trustees  of  the  College.  In 
most  years  from  1923  to  1946  the  Fund  was  devoted  to  schol- 
arship purposes;  in  one  year  it  was  devoted  to  the  War  Me- 
morial; and  in  one  or  two  years  to  the  general  purposes  of 
the  College.  This  alumni  gift  is,  in  a  sense,  a  living  endow- 
ment for  the  College.  For  example,  an  annual  gift  from  the 
alumni  of  $40,000  is  equivalent  to  the  income  on  an  endow- 
ment of  $1,000,000  at  4%.  If  the  College  could  count  on  re- 
ceiving each  year  from  its  alumni  a  gift  of  $80,000,  it  would 
be  as  well  off  as  if  it  had  an  additional  $2,000,000  in  its  port- 
folio. For,  as  I  have  pointed  out  before,  the  Alumni  Council 
has  its  own  endowment  and  all  the  expenses  of  the  Council 
are  carried  by  the  income  from  its  endowment,  so  that  every 
gift  from  alumni  to  the  annual  Alumni  Fund  goes  intact  to 
the  College. 

The  gifts  of  our  alumni  to  the  College  through  the  Alumni 
Fund  have  been  uncommonly  generous.  From  1906  until  the 
Centennial  Gift  in  1921,  the  alumni  gave  $139,441  to  the 
Alumni  Fund.  In  the  Centennial  Gift,  4,044  alumni  and 
friends  of  the  College  gave  $3,012,069.26.  From  1923  to  1946, 

[189] 


both  inclusive,  gifts  to  the  Akimni  Fund  amounted  to  a  total 
of  $1,087,896.  This  total  was  made  up  of  64,341  separate 
gifts.  In  1923,  for  example,  there  were  1,043  gifts,  making  a 
total  of  $14,983.  In  1946  there  were  3,504  separate  gifts,  mak- 
ing a  total  of  $101,621.  In  1947  and  1948  the  College  raised 
the  Second  Century  Fund.  There  were  4,741  gifts,  and  the 
total  amount  raised  was  $1,018,907.  In  1949  the  Alumni 
Fund  was  resumed,  and  there  were  3,653  gifts,  making  a  to- 
tal of  $93,373.  Here  is  the  story  in  summary: 

Donors  Amounts 


Alumni  Fund 

1906  to  1920 

$    139,441 

Centennial  Gift 

4,044 

3,012,069 

Alumni  Fund 

1923  to  1946 

64,341 

1,087,896 

Second  Century  Fund 

1947  and  1948 

4,741 

1,018,907 

Alumni  Fund 

1949 

3,653 

93,373 

Total 

76,779 

$5,351,686 

If  we  exclude  the  figures  for  the  Alumni  Fund  from  1906  to 
1920,  when  it  was  in  its  experimental  stage,  we  have  nearly 
77,000  gifts  in  a  quarter  of  a  century,  amounting  to  over 
$5,000,000  over  and  above  the  gifts  that  have  come  from 
other  sources,  from  bequests,  for  the  Alumni  Gymnasium, 
for  other  specific  projects  of  plant  or  endowment.  For  its  first 
hundred  years,  the  College  made  no  call  on  its  alumni  as  a 
whole  for  financial  support.  Its  gifts  came  from  a  few  wealthy 
alumni  and  friends  of  the  College.  In  the  last  quarter  cen- 
tury there  were  nearly  77,000  gifts  from  the  alumni  body 
through  the  Alumni  Fund,  the  Centennial  Gift,  and  the  Sec- 
ond Century  Fund. 

We  have  followed  the  growth  of  the  endowment  of  the 
College  from  1821,  when  the  College  had  only  the  Charity 
Fund  with  a  nominal  value  of  fifty  thousand  dollars  re- 
stricted for  use  for  scholarships,  to  1946,  when  the  Treasur- 
er's Report  showed  a  college  endowment  of  over  twelve  mil- 
lion dollars,  a  Folger  endowment  of  nearly  seven  million 
[190] 


dollars,  making  a  total  portfolio  of  nearly  twenty  million  dol- 
lars. We  have  seen  that  the  loss  of  the  earlier  records  of  the 
College  by  fire  makes  impossible  the  application  of  objective 
tests  to  determine  how  well  the  trustees  have  managed  the 
endowment  entrusted  to  their  care.  We  have  noted  that  in 
1932  the  college  accounts  were  completely  reorganized  by 
our  auditors.  We  can  now  apply  certain  objective  tests  to  de- 
termine how  well  the  trustees,  and  particularly  the  Finance 
Committee,  handled  the  investment  policy  of  the  College  in 
the  years  from  1932  to  1946,  during  my  term  as  president. 

No  portfolio  of  any  size  can  safely  remain  static.  Some  in- 
vestments are  deteriorating  in  value,  others  are  increasing  in 
value.  The  College  is  not  engaged  in  speculation,  but  the  Fi- 
nance Committee  is  exercising  a  constant  vigilance  to  enable 
it  to  withdraw  from  investments  that  seem  to  it  to  be  less 
sound  than  when  made  and  to  reinvest  in  securities  that 
seem  stronger.  This  means  that  the  College  is  constantly  sell- 
ing certain  securities  and  buying  others.  In  the  fifteen-year 
period  from  1933  to  1948,  for  example,  the  College  sold  a  to- 
tal of  nearly  eleven  million  dollars  of  securities  from  the  Fol- 
ger  Fund  and  a  total  of  over  twenty  million  dollars  of  securi- 
ties from  all  other  funds.  This  means  a  total  of  sales  in  fifteen 
years  of  thirty-one  million  dollars,  or  an  average  sale  of  two 
million  dollars  each  year. 

If  a  sale  is  made  at  more  than  the  security  cost  the  Col- 
lege, that  is,  at  more  than  book  value,  a  gain  is  made;  if  a  sale 
is  made  at  less  than  book  value,  a  loss  is  made.  These  gains 
and  losses  are  not  treated  as  income  or  expense,  but  are  trans- 
ferred to  a  separate  account.  The  Folger  Fund,  for  example, 
in  the  fifteen-year  period  has  shown  gains  of  $1,190,220  and 
losses  of  $139,524,  or  a  net  gain  of  over  a  million  dollars.  The 
gain  on  the  college  funds  has  been  $1,530,874,  the  loss  $820,- 
623,  with  a  net  gain  of  over  seven  hundred  thousand  dollars. 
These  net  gains  belong  in  theory  to  each  separate  endow- 
ment fund,  large  or  small.  They  show  on  the  Treasurer's  Re- 
port under  the  book  value  of  the  endowment. 

The  Treasurer's  Report  each  year  shows  the  book  value  of 
the  endowments.  But  each  yeai  the  auditor  makes  a  calcula- 

[191] 


tion  of  the  market  value.  On  June  30,  1946,  the  market  value 
of  all  of  the  portfolio  exceeded  the  book  value  by  $4,741,592. 
On  June  30,  1948,  the  market  value  exceeded  the  book  value 
by  $3,253,399. 

These  figures  are  significant.  They  mean,  for  example,  that 
a  gift  of  $1,000  to  the  college  endowment  in  1932  would  in 
1948  be  represented  by  securities  having  a  market  value  of 
$1,160  plus  a  share  in  the  accumulated  gain  and  loss  account 
of  $80,  or  a  total  of  $1,240.  They  mean,  therefore,  that  every 
$1,000  in  the  endowment  in  1933  has  prospered  in  the  same 
way.  And  they  mean  that,  in  addition,  the  College  has  had 
each  year,  to  spend  for  current  purposes,  an  income  from 
each  $1,000  of  about  $41.50,  or  4.15%.  These  figures  are  based 
on  calculations  made  by  the  treasurer's  office  for  the  entire 
portfolio.  The  figures  for  the  Folger  Fund  and  for  the  Con- 
solidated Fund  would  vary  slightly,  plus  or  minus. 


[192 


Chapter  Ten 
CONCLUSION 

The  history  of  the  College  for  the  century  and  a  quarter 
since  its  foundation  parallels  the  most  interesting  period  in 
the  history  of  the  country.  When  the  College  was  founded, 
the  United  States  was  a  small  agricultural  economy  stretch- 
ing along  the  eastern  seaboard.  There  were  no  railways. 
Transportation  was  by  water  or  by  inadequate  post  roads. 
The  cities  and  towns  on  the  New  England  seaboard  had  ac- 
quired some  wealth  from  shipping  and  commerce.  But  there 
was  no  large-scale  manufacturing  either  in  New  England  or 
elsewhere  in  the  country.  Water  power  had  not  been  eflFec- 
tively  harnessed.  Barbour's  description  of  the  town  of  Am- 
herst and  its  neighbors  lists  the  only  significant  manufac- 
tures as  "  hats  made  of  straw." 

It  is  interesting  to  inquire  where  the  wealth  came  from 
which  contributed  from  decade  to  decade  to  the  growth  of 
the  endowment  of  the  College.  We  have  seen  that  the  earli- 
est large  gifts  to  the  College's  endowment  came  from  Samuel 
Williston,  whose  fortune  was  made  in  the  manufacture  of 
cloth  covered  buttons  in  Easthampton.  The  Sears  fortune  in 
Boston  came  from  shipping  and  commerce,  and  only  a  small 
amount  reached  Amherst  College  in  the  Sears  Fund.  Samuel 
Hitchcock  made  his  start  in  merchandising,  and  built  up  his 
fortune  by  investments  in  the  growing  country.  Dr.  Walker 
made  his  start  in  his  profession  and  then  built  up  his  savings 
by  shrewd  investments. 

An  examination  of  all  the  substantial  gifts  received  by  the 
College  shows  that  by  far  the  largest  part  of  the  endowment 

[  193  ] 


of  the  College  came  from  the  oil  industry,  and  came  from 
one  group  of  companies  in  the  industry,  the  Standard  Oil 
group.  The  Folger  Fund,  including  the  building  and  the  col- 
lections, amounts  to  some  ten  million  and  a  half,  the  three 
Folger  professorships  to  another  half  million.  All  of  the  Pratt 
gifts,  the  Babbott  gifts,  the  Harkness  professorship,  the  $350,- 
000  gift  of  the  General  Education  Board  in  1921,  and  the 
subventions  from  the  Rockefeller  Foundation  for  ten  years 
for  work  in  Biology  came  from  fortunes  made  in  Standard 
Oil.  Altogether,  these  add  up  to  nearly  fifteen  million  dol- 
lars, or  about  half  of  the  present  total  resources  of  the  Col- 
lege. The  large  gifts  of  D.  Willis  James  and  Mrs.  James,  and 
of  his  son,  Arthur  Curtiss  James,  and  of  the  James  Founda- 
tion, were  made  from  fortunes  accumulated  primarily  in 
copper  and  railways.  The  Billings  gift  and  the  Kennedy  gift 
came  from  railways.  The  Morrow,  Schiff,  Converse,  Henry 
Morgan,  and  Merrill  gifts  came  primarily  from  banking.  The 
gifts  of  William  H.  Moore  and  his  family  and  of  Andrew 
Carnegie  came  from  steel.  The  gifts  of  Mr.  and  Mrs.  Mead, 
of  Field,  Sargent,  Valentine,  Simpson,  Tyler,  Kirby  came 
from  professional  activities,  in  architecture,  in  law,  in  medi- 
cine. The  Fayerweather  gift  came  from  leather,  the  Plimp- 
ton gifts  from  publishing  books,  the  Sage  gift  from  railways, 
street  railways,  and  shrewd  stock  market  operations. 

Another  interesting  comparison  involves  the  gifts  that 
have  come  to  the  College  by  will  and  the  gifts  that  have 
come  from  living  donors.  The  first  wills  under  which  the  Col- 
lege was  a  beneficiary  were  the  will  of  President  Zephaniah 
Swift  Moore,  who  died  on  June  29,  1823,  and  the  will  of 
Adam  Johnson  of  Pelham,  who  died  two  months  later.  The 
Johnson  will  was  contested  by  the  brother  of  the  testator, 
who  won  in  the  Probate  Court.  The  College  appealed  to  the 
Supreme  Judicial  Court  of  Massachusetts,  and  in  1828  the 
court  upheld  the  bequest  to  the  College.  The  amount  of 
the  bequest  was  $4,000,  which  was  used  to  help  pay  for  the 
chapel,  and  the  chapel  has  given  Adam  Johnson  a  permanent 
memorial  on  the  Amherst  campus.  President  Moore  in  his 
will  left  his  widow  some  $4,000,  with  the  right  to  use  both 
[194] 


income  and  principal  as  she  needed.  On  lier  death  some 
thirty-five  years  later,  the  College  received  the  Fund,  which 
then  amounted  to  some  $9,000.  One-third  of  the  income,  un- 
der the  terms  of  President  Moore's  will,  has  been  added  to 
principal  each  year  since  the  Fund  came  to  the  College,  and 
the  principal  of  the  Moore  Beneficiary  Fund  now  amounts  to 
over  $33,000. 

As  we  look  back  over  the  long  record  of  gifts  which  have 
come  to  the  College  for  endowment  and  for  buildings  and 
equipment,  we  see  how  large  a  part  of  the  total  has  come 
from  bequests  under  wills.  And  this  is  not  surprising  when 
we  reflect  that  men  are  likely  to  wish  to  retain  their  capital 
in  the  enterprises  in  which  they  are  engaged  during  their  ac- 
tive lives.  I  have  made  an  analysis  of  all  gifts  received  by  the 
College  from  July  1,  1933,  to  June  30,  1946;  gifts  for  endow- 
ment, gifts  for  plant,  and  gifts  for  current  purposes.  Total 
gifts  for  this  period  were  about  $6,150,000.  Of  this  total, 
some  $4,380,000,  or  more  than  70%,  came  under  wills,  or 
trusts  that  took  effect  at  the  death  of  the  donor.  I  have  in- 
cluded in  this  total  the  gifts  received  by  the  College  from 
the  James  Foundation,  Inc.,  in  view  of  the  terms  of  the 
James  will.  In  the  gifts  received  during  the  same  period  from 
living  donors,  amounting  to  some  million  and  three-quarters, 
or  28%  of  the  total,  I  have  included  gifts  from  foundations, 
such  as  the  Rockefeller  Foundation  and  the  Carnegie  Cor- 
poration, subventions  for  research  projects  from  Research 
Corporation  and  others,  annual  gifts  to  the  Alumni  Fund, 
etc.  The  compensation  received  by  the  College  from  the  Fol- 
ger  Memorial  Fund  is  not  included  in  either  category,  though 
it  might  well  be  added  to  the  total  of  gifts  coming  to  the  Col- 
lege under  testamentary  provisions  of  a  donor. 

Some  of  the  benefactors  of  the  College  have  made  large 
gifts  during  their  lives  as  well  as  generous  bequests  in  their 
wills.  In  this  group  would  be  included  Samuel  Williston, 
William  J.  Walker,  Henry  Winkley,  D.  Willis  James,  Arthur 
Curtiss  James,  Dwight  W.  Morrow,  Arthur  Milliken,  James 
Turner,  Edmund  C.  Converse. 

Some  have  made  most  generous  bequests  who  gave  little, 

[195] 


or  perhaps  nothing,  to  the  College  during  their  lifetime.  In 
this  group  would  be  included  Daniel  Fayerweather,  Mrs. 
Sage,  Henry  T.  Morgan,  John  S.  Kennedy,  E.  M.  Currier, 
Amos  R.  Eno,  John  Davenport,  Samuel  Valentine,  William  A. 
Sargent,  William  R.  Mead,  Henry  P.  Field,  Henry  C.  Folger, 
Frank  G.  Nelson,  and  William  Nelson  Cromwell. 

And  some  who  were  generous  donors  while  they  lived 
made  no  bequests  to  the  College  in  their  wills.  Mrs.  Folger, 
for  example,  who  had  given  over  three  million  to  the  Folger 
Memorial  Fund  during  the  latter  part  of  her  life,  had  little 
left  to  bequeath  in  her  will. 

That  the  College  is  continuing  in  the  postwar  years  to  re- 
ceive generous  support  from  its  friends  is  indicated  by  the 
Treasurer's  Report  for  the  year  ending  June  30,  1949.  The  to- 
tal of  gifts  and  grants  for  the  twelve  months  preceding 
amounted  to  almost  $1,300,000.  The  largest  item  was  the  Val- 
entine bequest  of  $465,618.  Samuel  H.  Valentine  graduated 
from  the  College  in  the  class  of  1867.  For  the  next  two  years 
he  studied  law  at  Columbia  Law  School.  For  nearly  forty 
years  he  practiced  his  profession  in  New  York  City,  special- 
izing in  admiralty  law.  From  1906  until  his  death  in  1916,  he 
managed  his  investments.  The  College  received  under  his 
will  a  bequest  of  $5,000  for  the  beautification  of  the  campus. 
His  wife  survived  him  for  some  twenty  years.  Under  her  will, 
after  a  life  estate  to  her  sister  which  fell  in  in  1948,  the  Col- 
lege received  one-sixth  of  the  residuary  estate.  In  1941  the 
College  anticipated  the  bequest  by  erecting  Valentine  Hall 
and  naming  it  after  Mr.  and  Mrs.  Valentine.  The  cost  of  the 
building  and  equipment  was  slightly  under  $300,000,  which 
the  College  took  from  unrestricted  funds  and  replaced  in 
1948,  when  the  Valentine  bequest  was  finally  received. 

The  second  largest  gift  in  the  year  1948-49  was  the  be- 
quest under  the  will  of  William  Nelson  Cromwell  of  New 
York.  Mr.  Cromwell,  a  leader  for  two  generations  of  the  New 
York  Bar,  was  not  a  graduate  of  Amherst,  but  three  of  his 
partners  —  Harlan  F.  Stone,  '94,  Eustace  Seligman,  '10,  and 
Oliver  B.  Merrill,  '25  —  were  graduates,  and  two  of  these  were 
trustees  of  the  College.  During  the  year,  the  College  received 
[196] 


$205,400  on  account  of  the  bequest,  and  the  Board  estab- 
Hshed  the  WilUam  Nelson  Cromwell  Chair  of  Jurisprudence. 

The  third  important  bequest  received  during  the  year  was 
$183,735  under  the  will  of  Frank  G.  Nelson  of  the  class  of 
1873.  Nelson  was  a  classmate  and  a  roommate  of  my  father 
in  college.  I  had  known  him  since  I  was  a  boy,  as  he  was  a 
frequent  guest  at  our  home.  After  graduating  from  college, 
he  taught  school  for  six  years,  was  an  accountant  for  several 
corporations,  and  in  1887  entered  the  employ  of  the  Ameri- 
can Telephone  &  Telegraph  Company,  where  he  became 
statistician  and  assistant  treasurer.  He  remained  with  the 
telephone  company  until  his  retirement  in  1920,  at  the  age  of 
sixty-eight.  His  avocation  was  fishing,  and  in  early  life  he 
took  his  vacation  each  year  on  a  different  stream  or  lake  and 
paid  the  expenses  of  the  trip  by  articles  for  the  magazines 
devoted  to  this  sport.  In  1935,  at  the  age  of  eighty-three,  he 
married  for  a  second  time.  Nelson  was  very  close-mouthed 
about  his  personal  affairs,  but  he  discussed  his  finances 
with  me  and  his  proposals  for  including  the  College  in  his 
will. 

His  original  wish  was  to  provide  a  building  suitable  for  a 
faculty  club  and  for  alumni  who  visited  Amherst.  At  about 
this  time  the  College  was  making  over  the  Sidney  White 
homestead  on  South  Pleasant  Street  for  a  faculty  clubhouse, 
and  I  took  Nelson  down  to  show  him  what  we  were  doing. 
He  asked  me  if  any  of  the  faculty  played  billiards.  I  repHed 
that  the  Faculty  Club  owned  a  pool  table  and  that  pool  was 
very  popular  with  the  professors  in  the  late  afternoon.  Nel- 
son said  he  regarded  pool  as  a  debased  game  and  he  would 
do  nothing  to  encourage  it,  but  he  would  like  to  see  the  fac- 
ulty playing  billiards.  At  my  suggestion,  he  presented  the 
Faculty  Club  with  a  new  billiard  table,  and  the  game 
promptly  became  more  popular  than  pool.  And  Nelson  then 
gave  the  Club  a  second  billiard  table.  Once  a  year  he  visited 
the  Club  with  a  teacher  of  Monson  Academy  who  was  a 
neighbor  of  his,  and  played  a  game  of  billiards  against  a  fac- 
ulty team,  the  senior  member  of  which  was  some  fifteen 
years  Nelson's  junior  in  age.  And  several  times  each  year, 

[  197  ] 


Mrs.  King  and  I  would  visit  Nelson  either  in  his  Monson 
home  or  at  his  hotel  in  Florida.  He  survived  his  second  wife 
and  all  his  classmates,  and  died  alone  at  home  at  the  age  of 
ninety-five.  About  half  of  his  estate  came  to  the  College  un- 
der the  provisions  of  his  will,  a  part  for  the  endowment  of  the 
Faculty  Club,  and  the  remainder  for  the  Alumni  Endow- 
ment Fund. 

In  addition  to  these  three  large  bequests,  the  College  re- 
ceived in  the  year  1948-49  some  $115,498  toward  the  Sec- 
ond Century  Fund,  and  other  gifts  to  endowment  of  $68,582. 
For  current  expenses  the  College  received  during  the  same 
year  gifts  and  grants  of  $246,823,  including  $66,948  in  the 
Alumni  Fund. 

The  total  of  gifts,  grants,  and  bequests  received  during  the 
year  was  $1,298,074. 

We  have  examined  with  some  care  the  performance  of  the 
nine  treasurers  of  the  College.  We  have  seen  the  continuing 
work  of  the  Finance  Committee,  and  particularly  the  vital 
part  played  by  the  successive  chairmen  of  the  Finance  Com- 
mittee in  the  conservation  of  the  College's  endowment.  What 
of  the  eleven  presidents  of  the  College?  What  influence  have 
the  presidents  of  Amherst  had  on  the  development  of  the 
College's  endowment? 

Zephaniah  Swift  Moore  lived  too  short  a  time  to  affect  ma- 
terially the  college  finances.  Heman  Humphrey  served  as 
president  for  twenty-two  years.  These  years  were  a  continu- 
ing struggle  to  pay  the  college  debts.  They  ended  in  failure 
and  Humphrey  resigned  his  ofiBce  as  a  result.  Humphrey  was 
a  good  man,  but  he  does  not  appear  to  have  had  the  quali- 
ties necessary  to  handle  the  financial  problems  of  the  young 
and  struggling  institution.  Hitchcock  served  as  president 
only  nine  years,  but  he  saved  the  College  from  extinction,  as 
we  have  seen.  He  established  the  financial  credit  of  the  in- 
stitution, he  gave  people  confidence  that  the  College  was  a 
sound,  going  concern,  and  gifts  to  endowment  resulted.  For 
the  first  time  the  college  budget  was  balanced  and  kept  in 
balance,  for  the  first  time  the  College  was  in  a  position  to  use 
the  gifts  it  received  to  establish  permanent  funds  instead  of 

[198] 


using  them  to  pay  debts.  Hitchcock  was  our  first  great  presi- 
dent. 

Steams  served  as  president  for  twenty-two  years.  He  per- 
sonally secured  some  large  gifts  for  the  College,  including 
the  gifts  from  Dr.  Walker.  The  total  gifts  to  the  College  dur- 
ing his  term  are  given  by  Tyler  as  about  three-quarters  of  a 
million  dollars.  This  was  a  very  large  amount  for  that  time  in 
the  College's  history.  The  College's  finances  during  most  of 
Stearns'  term  of  oflBce  were  in  the  hands  of  Edward  Dickin- 
son, an  able  treasurer.  But  Stearns  grew  old  in  oflBce,  and 
when  the  crisis  of  1873  struck,  Stearns  did  not  have  the  nec- 
essary qualities  to  keep  his  budget  in  balance.  As  a  result,  the 
Finance  Committee  in  its  report  of  1875  transferred  some  of 
Stearns'  duties  to  the  new  treasurer.  Steams  was  too  gentle 
and  kindly  to  meet  the  problems  arising  from  the  financial 
crisis.  He  did  not  have  the  firmness  and  the  drive  of  Hitch- 
cock. Stearns  made  many  friends  for  the  College;  he  appar- 
ently had  an  imusual  capacity  for  friendship.  Hitchcock  was 
more  angular,  more  blunt  and  outspoken,  but  he  was  a  better 
skipper  in  a  time  of  crisis. 

Seelye  was  a  man  of  a  different  type  from  either  Steams 
or  Hitchcock.  He  was  the  first  president  of  Amherst  who  was 
a  man  of  the  great  world.  He  had  served  with  distinction  in 
the  Congress,  and  might  have  had  a  distinguished  political 
career  if  he  had  not  returned  to  academic  life.  He  had  trav- 
eled around  the  world,  and  met  the  leaders  in  other  coun- 
tries. In  the  fourteen  years  he  held  the  office  of  president, 
the  gifts  to  the  College,  according  to  Tyler,  amounted  to 
more  than  eight  hundred  thousand  dollars.  There  was  no 
Plimpton  on  the  Amherst  Board  in  those  days;  the  president 
had  to  be  the  spearhead  in  raising  money.  And  Seelye  was 
obviously  successful  in  this,  as  he  was  in  administering  the 
College.  We  have  seen  that  a  small  volume  of  his  lectures 
stimulated  Mrs.  Stone  to  give  some  seventy-five  thousand 
dollars  to  the  endowment.  D.  Willis  James  gave  two  funds  of 
one  hundred  thousand  dollars  each,  out  of  respect  for  Seelye. 
Chester  Chapin  gave  a  fund  of  fifty  thousand  dollars  out  of 
similar  respect.  This  record  is  unique  in  the  history  of  the 

[199] 


College  before  or  since.  The  gifts  during  Stearns'  administra- 
tion of  twenty-two  years  averaged  some  thirty-five  thousand 
dollars  a  year;  the  gifts  during  Seelye's  administration  aver- 
aged some  sixty  thousand  a  year. 

Seelye  was  succeeded  by  Gates,  who  served  actively  for 
eight  years,  when  he  was  forced  by  the  Board  to  tender  his 
resignation.  The  gifts  to  the  College  during  his  term 
amounted  to  about  four  hundred  and  fifty  thousand  dollars. 
Some  of  them  were  made  from  affection  and  respect  for  Old 
Doc;  this  was  the  case  in  the  gifts  of  the  Pratt  brothers.  One, 
of  one  hundred  thousand  dollars,  was  made  specifically  out 
of  respect  for  Seelye.  The  Fayerweather  legacy,  part  of 
which  was  paid  during  Gates'  term,  was  due,  as  we  have 
seen,  to  the  advice  of  Dr.  Roswell  Dwight  Hitchcock,  an 
alumnus.  I  find  no  substantial  gifts  to  the  College  during  this 
period  which  can  be  credited  to  the  president. 

Harris  was  the  seventh  president  and  served  for  twelve 
years.  He  failed  to  keep  his  budget  balanced  for  nine  of 
these  years.  The  total  net  deficit  from  operations  during  his 
term  was  nearly  fifty  thousand  dollars.  The  gifts  to  the  Col- 
lege during  the  Harris  administration  amounted  to  nearly  a 
million  dollars,  or  an  average  of  some  eighty  thousand  dol- 
lars a  year.  Harris  was  a  man  of  the  world;  he  was  urbane, 
charming,  and  humorous.  He  made  friends  easily,  and  he 
made  few  enemies.  Meanwhile,  Plimpton  had  become  presi- 
dent of  the  Board  and  had  taken  the  leading  part  in  building 
up  the  College's  endowment.  A  large  part  of  the  gifts  to  Am- 
herst during  this  period  are  to  be  credited  to  Old  Doc  Hitch- 
cock or  to  Plimpton. 

In  1912  Alexander  Meiklejohn  became  president  and 
served  for  eleven  years.  He  was  uninterested  in  the  budget, 
as  we  have  seen,  and,  as  a  result,  the  College  operated  at  a 
deficit  for  ten  of  his  twelve  years.  The  total  accumulated  net 
deficit  during  the  Meiklejohn  term  was  over  three  hundred 
thousand  dollars.  The  Centennial  Gift  of  three  million  dol- 
lars was  raised  during  Mr.  Meiklejohn's  absence  in  Europe 
and  without  the  slightest  assistance  from  him.  Total  gifts  to 
the  College  during  Mr.  Meiklejohn's  term  outside  of  the  Cen- 

[200] 


tennial  Gift  amounted  to  some  three  million  dollars.  For  most 
of  these  gifts  the  president  had  no  responsibility.  Some  of 
them  were  made  in  spite  of  the  critical  attitude  of  the  donor 
toward  the  president.  The  bequest  of  Mrs.  Sage,  which  came 
during  this  administration,  had  no  relation  to  the  president. 
On  the  other  hand,  several  generous  gifts  to  the  College  dur- 
ing this  period  were  made  by  donors  who  were  devoted  to 
the  president  and  were  his  strong  supporters.  Mr.  Meikle- 
john  had  made  it  a  condition  of  his  acceptance  of  the  office 
that  he  should  not  be  expected  to  raise  money  for  the  Col- 
lege, and  this  condition  had  been  accepted  by  the  Board.  Mr. 
Plimpton  was  at  this  time  in  the  full  stride  of  his  money- 
raising  activities.  A  careful  analysis  of  the  large  gifts  of  this 
period  leads  me  to  the  conclusion  that  the  gifts  made  be- 
cause of  friendship  or  admiration  for  the  president,  the  gifts, 
in  other  words,  which  should  be  credited  to  the  president, 
amounted  in  total  to  less  than  the  deficit  which  his  manage- 
ment of  the  budget  resulted  in.  And  there  is  ample  evidence 
that  certain  prospective  donors  stimulated  by  Mr.  Plimpton 
decided  not  to  make  gifts  to  the  College  after  talking  with 
the  president  and  learning  his  views. 

George  D.  Olds  succeeded  Meiklejohn  as  president.  He 
was  perhaps  the  most  beloved  president  that  Amherst  had 
had.  He  had  the  respect  and  affection  of  all  of  the  alumni. 
Nine  years  before  he  became  president,  a  generous  alumnus 
had  given  the  College  a  fund  of  a  hundred  thousand  dollars 
to  found  a  professorship  of  economics,  and  had  named  it  the 
George  D.  Olds  professorship,  although  Olds  was  a  profes- 
sor of  mathematics.  Olds  managed  the  budget  well.  He  was 
seventy  years  old  when  he  assumed  the  presidency,  and  he 
made  it  a  condition  that  he  should  not  be  expected  to  raise 
money.  But  the  gifts  to  the  College  during  his  administra- 
tion amounted  to  over  six  hundred  thousand  dollars,  and 
were  at  the  average  rate  of  one  hundred  and  fifty  thousand 
dollars  a  year.  Most  of  these  gifts  were  stimulated  by  Plimp- 
ton, but  friends  of  the  College  were  happy  to  give  to  an  in- 
stitution headed  by  Olds. 

Stanley  Pease  succeeded  Olds,  and  he  too  made  it  a  con- 

[201] 


dition  that  he  should  not  be  expected  to  stimulate  gifts  to 
the  College,  Mr.  Pease  managed  his  budget  with  care  and 
foresight.  During  his  five  years  in  office,  the  operations 
showed  a  surplus  four  years,  and  the  net  accumulated  sur- 
plus of  his  term  was  over  sixty  thousand  dollars.  During  his 
term  the  College  received  some  very  large  gifts.  The  total 
was  about  two  million  and  a  half  dollars.  And  during  his 
term  Mr.  Folger  died,  and  the  Folger  Fund  came  to  the  Trus- 
tees. Most  of  these  gifts  were  not  due  in  any  way  to  Mr. 
Pease;  most  of  them  were  stimulated  by  Plimpton  or  Allis. 
Mr.  Pease  devoted  his  attention  to  the  academic  administra- 
tion of  Amherst  and  to  the  management  of  the  budget.  He 
was  a  conscientious  administrator,  and  the  college  finances 
prospered. 

During  the  fourteen  years  that  I  occupied  the  president's 
office,  I  watched  the  budget  with  the  greatest  care.  Our  op- 
erations showed  a  surplus  of  income  over  expenditure  dur- 
ing thirteen  of  these  years.  I  came  into  office  in  the  midst  of 
the  depression,  and  the  latter  years  of  my  term  were  war 
years.  We  seemed  to  be  living  in  times  of  continuing  crisis. 
My  first  year  was  the  most  difficult  from  the  point  of  view  of 
the  budget.  The  budget  had  been  made  up  by  my  predeces- 
sor, Mr.  Pease,  and  had  been  carefully  checked  by  me  in  my 
capacity  as  chairman  of  the  Executive  Committee  of  the 
Board.  It  showed  a  small  budgetary  surplus.  In  the  middle  of 
my  first  year,  our  income  was  suddenly  cut  fifty  thousand 
dollars  by  the  reduction  in  compensation  from  the  Folger 
Fund.  My  faculty  colleagues  gave  me  the  most  wholehearted 
support  in  saving  every  cent  it  was  possible  for  them  to  save. 
We  closed  the  year  with  a  surplus  of  one  thousand  dollars. 
During  my  term  we  were  able  to  build  up  a  working  capital 
fund  and  an  income  reserve  fund,  both  out  of  surplus  in- 
come. These  two  funds  together  amounted  on  June  30,  1946, 
when  I  retired,  to  a  total  of  over  six  hundred  thousand 
dollars. 

When  I  accepted  the  office  of  president,  I  did  not  ask  the 
Board  to  relieve  me  of  responsibility  for  stimulating  gifts  to 
the  College.  Mr.  Plimpton  told  me,  at  the  time,  that  he  had 
[202] 


been  raising  money  for  Amherst  for  some  forty  years,  and 
that  he  wished  to  be  reHeved  of  this  burden.  I  asked  him 
who  was  to  take  his  place  in  this  enterprise,  and  he  said  it 
was  obvious  that  it  was  my  opportunity. 

During  my  term  I  kept  the  begging  bowl  polished,  and 
whenever  I  left  Amherst,  I  took  it  with  me.  The  alumni  were 
most  generous  in  support  of  their  alma  mater,  both  in  gifts 
from  the  living  and  in  provisions  in  their  wills  in  behalf  of 
the  College.  The  treasurer's  office  advises  me  that  during  my 
term  gifts  to  endowment  amounted  to  $4,709,603,  gifts  to 
plant  to  $565,764,  and  gifts  for  current  purposes  to  $747,030. 
The  total  is  therefore  $6,022,397. 

A  college  is  a  society  of  scholars  and  a  group  of  students. 
The  scholars  devote  their  lives  to  teaching  and  to  study;  the 
students  spend  four  years  in  the  classrooms,  and  then  pass 
into  the  body  of  the  alumni.  The  work  of  the  College  goes  on 
with  generation  after  generation  of  young  undergraduates 
who  in  turn  become  alumni.  Amherst  has  been  extraordi- 
narily fortunate  to  have  in  every  generation  a  few  great 
teachers  and  a  large  number  of  good  teachers;  these  we  re- 
member with  gratitude  and  affection  throughout  our  lives. 
But  behind  the  teachers  and  the  students,  and  supporting 
their  work,  are  the  trustees;  most  of  them  are  laymen;  for 
three-quarters  of  a  century  most  of  them  have  been  alumni. 
And  besides  the  trustees,  there  are  the  generous  men  and 
women  who  have  given  to  the  College  with  great  liberality 
according  to  their  means,  and  who  have  made  possible  the 
present  plant  and  the  present  endowment  which  support  the 
College  of  today  and  of  tomorrow.  A  handful  of  them  have 
had  their  names  attached  to  buildings  on  the  campus,  begin- 
ning with  Adam  Johnson,  the  Pelham  farmer  with  a  wooden 
leg.  The  names  of  a  few  others  appear  each  year  in  the  cata- 
logue attached  to  a  named  professorship  or  fellowship  or 
prize.  But  most  of  them  are,  and  must  always  be,  anonymous 
except  as  they  are  recorded  in  the  Gift  Book  in  the  treasurer's 
office.  The  undergraduates  spend  four  years  in  college  and 
know  nothing  of  the  work  of  the  trustees;  I  do  not  recall  that 
during  my  undergraduate  course  I  ever  saw  a  trustee,  or  was 

[203] 


curious  enough  to  inquire  what  the  functions  of  the  trustees 
were.  And  most  undergraduates  know  nothing  about  the 
men  and  women  who  have  been  benefactors  of  the  College. 

Amherst  has  been  particularly  fortunate  in  that  in  each 
generation  it  has  had  able  and  devoted  men  on  its  Finance 
Committee  and  the  earlier  Prudential  Committee,  who  have 
safeguarded  the  investments  of  the  College  so  that  its  en- 
dowment might  go  on  generation  after  generation  in  support 
of  the  enterprise  of  education.  We  have  seen  who  have  been 
the  leaders  of  the  Finance  Committee:  Henry  Edwards, 
G.  Henry  Whitcomb,  John  W.  Simpson,  Dwight  W.  Mor- 
row, Robert  W.  Maynard,  and  George  E.  Pierce.  These  men 
have  carried  a  heavier  responsibility  and  in  every  case,  as 
far  as  I  can  find,  have  done  more  hard  work  for  the  College 
than  theii-  contemporaries  on  the  Board.  They  had  to,  be- 
cause they  knew  how  much  depended  on  their  action. 

We  who  are  the  college  of  today  —  the  faculty,  the  under- 
graduates, the  trustees,  and  the  alumni  —  we  are  all  deeply  in 
their  debt.  Their  work  made  possible  our  own  education  at 
Amherst,  if  we  are  Amherst  men.  Their  work  made  possible 
the  present  plant  and  the  present  educational  facilities  —  the 
courses,  the  laboratories,  the  libraries,  the  playing  fields,  the 
dormitories  and  the  campus,  and  the  present  group  of  teach- 
ers who  comprise  the  faculty  of  today.  They  did  their  work 
well,  as  we  have  seen,  and  they  did  it  without  hope  of  re- 
ward except  the  satisfaction  of  work  well  done,  for  there 
was,  and  is,  no  other  reward  for  the  service  they  rendered. 

And  we  have  seen  the  work  of  the  treasurers  of  the  Col- 
lege: John  Leland,  Edward  Dickinson,  William  Austin  Dick- 
inson, George  Henry  Whitcomb,  Joseph  W.  Fairbanks,  Wal- 
ter M.  Howland,  Harry  W.  Kidder,  Charles  A.  Andrews,  and 
Paul  D.  Weathers.  John  Leland  handled  debts;  Paul  D. 
Weathers  manages,  under  the  Finance  Committee,  a  port- 
folio of  over  twenty  million  dollars,  and  a  budget  of  a  mil- 
lion and  a  half  dollars  each  year. 

Amherst  College,  like  every  other  college  in  the  land,  faces 
today  an  uncertain  future.  But  anyone  familiar  with  her  his- 
tory can  face  it  with  confidence.  The  College  was  founded  in 
[204] 


the  difficult  days  following  the  Napoleonic  wars  in  Europe 
and  the  War  of  1812  in  this  country.  It  faced  the  only  des- 
perate crisis  in  its  affairs  some  twenty-five  years  after  it 
opened  its  doors.  It  was  saved  from  bankruptcy  and  extinc- 
tion by  a  president  of  indomitable  faith,  of  great  courage, 
and  of  resourcefulness,  by  two  wealthy  men  who  had  con- 
fidence in  its  mission,  and  with  the  assistance  of  three  rela- 
tively small  grants  from  the  government  of  the  Common- 
wealth. It  survived  the  Civil  War,  the  crisis  of  1873,  of  1893, 
of  1907,  two  World  Wars,  the  world-wide  depression  of  1929 
to  1937.  It  weathered  two  internal  crises,  one  in  the  1890's 
and  one  in  1923.  It  is  today  stronger  in  plant,  in  financial  re- 
sources, in  reputation,  and  in  the  devotion  and  support  of  its 
alumni  than  ever  before  in  its  history.  With  a  strong  and 
united  faculty,  led  by  an  able  president,  with  a  strong  Board 
of  Trustees,  and  with  more  than  eight  thousand  alumni  who 
are  giving  generously  to  its  support  every  year,  it  cannot  fail. 

It  is  true,  of  course,  that  a  large  part  of  the  endowment  of 
the  College  and  a  large  part  of  the  college  plant  we  owe  to 
the  gifts  and  bequests  of  wealthy  men  and  women.  And  it  is 
also  true  that  in  our  present  social  structure  and  with  exist- 
ing tax  laws  it  is  going  to  be  difficult  for  men  to  acquire  sub- 
stantial fortunes  in  the  future  from  which  large  gifts  and  be- 
quests can  be  made  to  educational  institutions  like  Amherst. 
But  there  is  another  side  to  this  picture  which  is  often  over- 
looked. Let  me  give  an  example.  In  1918  the  College  raised 
an  endowment  fund  for  teachers'  salaries  of  $653,411.  There 
were  seventeen  donors.  The  largest  gift  was  $336,411;  the  av- 
erage gift  was  $38,000.  When  one  of  these  generous  donors 
died,  if  one  of  these  donors  became  for  any  reason  disaf- 
fected, it  was  a  matter  of  the  most  serious  moment  for  the 
College.  In  the  thirty  years  which  have  elapsed  since  this 
gfft,  all  of  the  donors  have  died. 

In  1946-1948  the  College  raised  something  over  a  million 
dollars  for  endowment  for  teachers'  salaries.  This  was  the 
Second  Century  Fund.  There  was  no  gift  of  over  $50,000, 
but  there  were  4,741  donors.  The  average  gift  was  about 
$210.  There  is  strength  in  numbers.  And  as  the  donors  to  the 

[205] 


Second  Century  Fund  pass  on  from  year  to  year,  their  places 
are  taken  by  younger  alumni  in  increasing  numbers,  who 
are  devoted  to  their  alma  mater  and  who  give  to  her  in  ac- 
cord with  their  means.  They  give,  in  general,  from  income 
and  not  from  accumulated  capital.  But  the  aggregate  of  their 
gifts  from  year  to  year  is  very  large,  as  we  have  seen.  They 
are  the  bulwark  of  the  College  for  the  future. 

The  confidence  which  the  founders  expressed  in  Amherst's 
mission  and  in  its  future  has  been  justified  manyfold  by  its 
contributions  to  the  community  and  to  the  entei-prise  of  edu- 
cation. The  social  structure  in  which  it  is  embedded  has 
changed  almost  beyond  recognition  in  the  century  and  a 
quarter  of  its  life,  and  the  College  has  changed  to  meet  the 
new  demands  on  its  resources  made  by  society.  While  its 
trustees  and  its  faculty  grow  old  and  retire,  the  College  re- 
mains young,  with  the  vigor  and  adaptability  of  youth.  The 
more  carefully  one  studies  its  history,  the  more  one  realizes 
its  fundamental  strength,  and  the  more  confidence  one  has 
in  its  future. 


[206 


ACKNOWLEDGMENTS 


I  gratefully  acknowledge  the  assistance  given  me  in  the  prep- 
aration of  this  volume  by  my  friends,  Walter  F.  Willcox,  '84, 
John  E.  Oldham,  '88,  Marcus  A.  Rhodes,  '03,  Ernest  M.  Whit- 
comb,  '04,  Richard  B.  Scandrett,  '11,  and  Richardson  Pratt,  '15;  by 
L.  A.  Keyes,  vice-president  of  J.  P.  Morgan  &  Company;  by  Fred 
Hawley,  president,  and  Robert  S.  Morgan,  vice-president,  of  the 
Amherst  Savings  Bank.  President  Charles  W.  Cole,  Professors 
Otto  Manthey-Zorn  and  George  R.  Taylor  of  the  faculty,  and 
George  E.  Pierce,  '09,  Henry  S.  Kingman,  '15,  and  Robert  W. 
Maynard,  '02,  of  the  Finance  Committee  of  the  Board  of  Trustees 
have  been  generous  in  reading  the  manuscript  and  giving  me  the 
benefit  of  their  criticism. 

Paul  D.  Weathers,  Treasurer,  has  been  of  assistance  in  many 
ways,  has  read  the  manuscript,  and  has  discussed  with  me  many 
of  the  questions  which  have  arisen.  Rena  M.  Durkan,  secretary  to 
the  president  throughout  my  term  of  office  and  now  curator  of 
the  Hitchcock  Memorial  Room,  has  been  tireless  in  exploring  the 
archives  in  her  keeping  for  relevant  material,  has  typed  the  man- 
uscript, read  the  proof,  and  followed  the  book  throughout  its 
preparation.  The  staff  of  the  Boston  Athenaeum,  with  their  un- 
failing courtesy,  have  placed  the  facilities  of  the  Athenaeum  at 
my  disposal. 

And  my  wife  has  shared  with  me  all  the  problems  which  have 
arisen  during  the  study,  has  read  the  manuscript,  and  has  pro- 
vided me  at  all  times  with  ideal  conditions  for  carrying  on  my 
work. 

To  the  Trustees  of  the  College  I  am  indebted  for  their  willing- 
ness to  sponsor  the  publication  of  this  study.  They  of  course  are 
in  no  way  responsible  for  the  opinions  I  express  or  for  the  accu- 
racy of  the  study. 


[207] 


NOTES  ON  SOURCE  MATERIAL 

The  Hitchcock  Memorial  Room  in  Morgan  Hall  is  the  reposi- 
tory of  the  archives  of  the  College.  The  collection  includes  all  of 
the  extant  records  of  the  Charity  Fund,  files  of  the  catalogues  of 
the  College,  The  Amherst  Student,  The  Amherst  Graduates 
Quarterly,  the  Olio,  the  early  literary  magazines,  reports  of  pres- 
idents, treasurers,  auditors,  and  an  immense  mass  of  correspond- 
ence. The  vaults  of  the  treasurer  contain  all  the  extant  books  of 
account  of  the  College.  The  original  minutes  of  the  Board  of 
Trustees  are  in  the  vaults  of  the  ti-easurer's  office,  and  the  Hitch- 
cock Room  contains  complete  typescript  copies  of  the  minutes. 
The  minutes  from  1825  to  1923  have  been  typed,  bound,  and  in- 
dexed, and  footnotes  have  been  added.  The  Hitchcock  Room  also 
contains  bound  typescript  copies  of  the  minutes  of  the  Execu- 
tive Committee,  the  Prudential  Committee,  and  the  Finance  Com- 
mittee, except  for  the  recent  minutes  of  the  Finance  Committee, 
which  are  on  file  in  the  treasurer's  office. 

The  best  sources  of  background  material  are  the  following: 

Amherst  College  Biographical  Record,  1821-1939 

Amherst  College  Catalogues 

Barber,  John  W.,  Historical  Collections,  1848 

Carpenter  &  Morehouse,  History  of  Amherst,  1896 

Fuess,  Claude  M.,  The  Story  of  a  New  England  College,  1935 

Hitchcock,  Edward,  Reminiscences  of  Amherst  College,  1863 

Tyler,  W.  S.,  History  of  Amherst  College,  1873 

Tyler,  W.  S.,  History  of  Amherst  College,  1895 

Whicher,  George  F.,  This  Was  a  Poet,  1938 

The  important  source  material  on  which  I  have  relied  is  the 
following: 

Original  Records  of  Charity  Fund 
Original  Books  of  Account 
Minutes  of  Trustees 
Minutes  of  Prudential  Committee 
[208] 


Minutes  of  Finance  Committee 
Minutes  of  Executive  Committee 

Reports  of  Presidents 

Reports  of  Treasurers 

Reports  of  Auditors 

Reports  of  Finance  Committee,  1875  and  1924 

Report  to  Finance  Committee,  1920,  by  Oldham,  Halligan,  and 

Kidder 

Gift  Book 

Statement  of  Assets  of  College,  1887,  in  the  handwriting  of 
President  Seelye 

Registry  of  Deeds,  Hampshire  County,  in  Hall  of  Records, 
Northampton 

Photostatic  copies  of  Ledger  Sheets  of  J.  P.  Morgan  &  Co. 

Copies  of  records  from  Amherst  Savings  Bank 

Correspondence  of  Alexander  Bullock,  William  Austin  Dickin- 
son, Henry  Edwards,  George  Grennell,  Alpheus  Hardy,  Edward 
Hitchcock,  Henry  D.  Hyde,  Arthur  Curtiss  James,  Rufus  Bela 
Kellogg,  Harry  W.  Kidder,  Dwight  W.  Morrow,  George  A. 
Plimpton,  Charles  Pratt,  Charles  M.  Pratt,  John  E.  Sanford, 
Julius  H.  Seelye,  John  W.  Simpson,  Hezekiah  Wright  Strong, 
G.  Henry  Whitcomb 

I  have  also  examined  the  following: 

Memorial  of  the  Trustees  of  Williams  College  to  the  Senate  and 
House  of  Representatives,  December  24,  1823 

A  Statement  of  the  Affairs  of  the  Amherst  Institution  on  the  4th 
of  October,  1824.  Compiled  from  evidence  exhibited  to  the 
Committee  of  Investigation,  with  affidavits,  b-.  Pittsfield,  De- 
cember 1824 

Report  of  the  Committee  Appointed  to  Inquire  into  Facts  Re- 
lated to  Amherst  Collegiate  Institution,  January  8,  1825 

Speech  in  Support  of  the  Memorial  of  Harvard,  Williams,  and 
Amherst  Colleges  before  the  Joint  Committee  on  Education  of 
the  House  of  Representatives  on  the  7th  of  February,  1849,  by 
Edward  Everett 

Sketches  of  the  Early  History  of  Amherst  College,  by  Heman 
Humphrey.  Printed  by  the  College,  1905 

[209] 


History  of  the  Founding  of  Amherst  College,  by  Noah  Webster, 
reprinted  in  Amherst  Graduates'  Quarterly,  1946 
Memoir  of  David  Sears,  by  Robert  C.  Winthrop,  Massachu- 
setts Historical  Society  44  ( Boston  Athenaeum ) 
William  Henry  Willcox,  A  Sketch  by  his  Children  (Cornell 
University  Library) 

Memorabilia  of  Life  of  Jedidiah  Morse,  D.D.,  by  Sidney  E. 
Morse,  1867 

Records  from  the  Life  of  S.C.S.  Wilder,  1865 
"  Our  First  Men  ":  A  Calendar  of  Wealth,  Fashion  and  Gentil- 
ity, containing  a  list  of  those  persons  taxed  in  the  City  of  Bos- 
ton, credibly  reported  to  be  worth  One  Hundred  Thousand 
Dollars;  with  Biographical  Notices.  Boston,  1846 
Address  of  Henry  Clay  Folger  at  Founders  Day  of  Pratt  In- 
stitute 

From  Utopia  to  Florence,  by  Alice  Eaton  McBee,  printed  in 
Smith  College  Studies  in  History,  1947  (Converse  Memorial 
Library ) 

The  above  will  be  found  in  the  Hitchcock  Memorial  Room  ex- 
cept where  otherwise  noted. 

I  have  relied  on  a  number  of  standard  reference  works,  such  as 
The  Dictionary  of  American  Biography,  National  Dictionary  of 
Biography,  Appleton's  Dictionary  of  Biography,  Poor's  Manuals, 
Who's  Who,  Boston  Directories,  and  the  complete  files  of  the 
Commercial  &  Financial  Chronicle,  which  are  available  in  the 
Boston  Athenaeum. 

Mistakes  in  addition  will  be  found  in  some  of  the  tables  in  the 
Appendix.  The  early  bookkeepers  did  not  have  the  advantage  of 
mechanical  computing  machines. 


[210] 


APPENDIX 


CHARITY  FUND 

Auditor's  Report  - 1822 

THE    FIRST    ANNUAL    REPORT    TO    THE    BOARD    OF    OVERSEERS    OF    THE 
COLLEGIATE  CHARITY  INSTITUTION  IN  AMHERST  BY  THE  AUDITOR  OF 

SAID  BOARD    rendered    August  28,  1822 

The  auditor  having  attended  to  the  duties  of  his  ofHce  respectfully 
REPORTS 

That  the  books  and  files  and  vouchers,  in  the  hands  of  the  Fi- 
nancier, relative  to  the  Charity  Fund,  were  found  to  be  kept  v^ith 
care,  order,  &  accuraey;  &  in  a  manner  well  calculated  to  guard 
against  accident  or  mistake. 

It  appears  upon  examination,  that  the  instrument  to  which  the 
several  sums  were  subscribed,  which  constitute  the  aforesaid 
Fund  bears  date  May  23rd  1818,  and  it  is  provided  in  &  by  the 
same  instrument,  that  all  sums  thereunto  subscribed  shall  be 
voidable,  unless  the  same  shall  amount  to  the  full  sum  of  Fifty 
thousand  dollars,  within  one  year  from  the  aforesaid  date.  It 
however  appears  that  the  sums  subscribed  between  May  23rd, 
1818  &  May  12,  1819  (within  the  year  limited)  amounted  to  Fifty 
one  thousand  seven  hundred  h-  thirty  four  dollars;  and  the  sums 
subscribed  since  May  12,  1819  amount  to  four  hundred  &  sixty 
dollars;  making  the  whole  amount  of  the  subscription  to  the 
Charity  Fund  Fifty  two  thousand  one  hundred  ir  ninety  four 
dollars  $52,194.00 

Of  this  sum  seven  thousand  four  hundred  &  one  dol- 
lars &  twenty-five  cents,  have  been  paid,  of  which 
sum  seven  thousand  two  hundied  &  thirty  three  dol- 
lars &  thirty  three  cents  have  been  loaned  by  the  Fi- 
nancier upon  security  of  real  estate  7,233.33 


[211 


Sixteen  thousand  &  thirty  eight  dollars  are  secured 
by  notes  of  the  original  subscribers  $16,038.00 

Fifteen  thousand  dollars  secured  by  Bond,  15,000.00 

Making  the  whole  amount  secured  by   Mortgage, 
Notes,  &  Bond  38,271.33 

Four  thousand  five  hundred  &  fifty  four  dollars  & 

eighty  eight  cents,  subscribed  in  real  estate,  has  been 

deeded  4,554.88 

Land  has  since  been  purchased  by  the  Trustees  to 

the  amount  of  twelve  hundred  &  eighty  four  dollars 

&  eighty  eight  cents  1,284.88 

The  Financier  has  received  &  is  chargeable  with  in- 
terest paid  on  the  Fund  notes  &  bond  three  thousand 
two  hundred  &  twenty  eight  dollars  &  three  cents  3,228.03 

Principal  received  &  not  loaned  167.92 

3,395.95 
And  the  Financier  has  paid  for  Real  estate  pur-  1 
chased  by  the  Trustees,  which  Real  estate  is  consid-  |-  396.13 

ered  a  part  of  the  permanent  Fund 

Voted  by  the  Trustees  at  sundry  times,  to  the  Fi- 1        ^  _„_  „„ 
nancier,  tor  his  services  j 

Financier's  account  for  expenses,  etc.  while  in  the  1  i  or*  r7 

service  of  the  Board  j 

Paid  for  fencing  college  lot  70.29 

Paid  John  Leland,  Esq.,  Treasurer  1,373.75 

Loaned  &  secured  by  a  joint  Note  650.00 

3,957.84 
Deduct  —  due  to  Seth  Nelson  &  Dudley  Phelps  &  se- 
cured by  their  mortgage,  above  the  sums  paid  them  285.00 

3,672.84 
Amount  rec'd  by  Financier  3,395.95 

Which  leaves  a  balance  due  the  Financier  of  two 
hundred  &  seventy  six  dollars  &  eighty  nine  cents.  $     276.89 

And  the  Auditor  further  —  Reports 

That  he  has  examined  the 
books  &  vouchers  of  John  Leland,  Esq.,  Treasurer  of  the  Insti- 
tution, from  which  it  appears  that  of  $1373.75  the  amount  of 

[2121 


interest  on  the  Fund  notes  received  by  him,  $150  have  been  ap- 
propriated by  the  Trustees  for  the  payment  of  the  tuition  of  Ben- 
eficiaries in  the  Academy.  The  residue  $1223.75  has  been  paid  to 
the  Officers  of  the  Collegiate  Institution  &  appropriated  for  the 
support  of  Beneficiaries  in  said  Institution. 

All  which  is  respectfully  submitted 

Lucius  Boltwood  Auditor 


[213] 


CHARITY  FUND 

Auditors  Report  - 1828 

To  the  Board  of  Overseers  of  the  Charity  Fund  of  Amherst  College: 

The  Auditor  of  said  Board,  having  examined  the  Books  and  securities  in  hands  of  the 
Financier  relative  to  the  Charity  Fund,  submits  the  following  detailed  report:  which  shows 
the  amount  of  said  Fund;  from  whom  due;  the  security  upon  which  it  rests;  the  amount 
of  Interest  paid  the  past  year,  and  the  amount  of  Interest  now  due  and  unpaid  —  also  the 
Appropriation  of  Principal  and  Interest  paid  — 


From  whom  due 

Date 

Security 

Sum 

Whole  Int. 
Paid 

Int.  pd. 
last  year 

Int.  due 
&  unpaid 

Calvin  Ammerdown 

Sept  6.  1824 

Note 

160. 

36. 

Cephas  Blodget 

July  13.  1819 

" 

100. 

3. 

61. 

Elisha  Billings 

May  10.  1825 

" 

300. 

64. 

18.00 

Enos  &  Alfred  Baker 

Aug.  1.       " 

600. 

109.35 

36.00 

Lucius  Boltwood 

May  23.     " 

100. 

6. 

12. 

Rodolphus  Bardwell 

Ap.  19.  1827 

6. 

Joseph  W.  Bowman 

May  23.  1825 

" 

200. 

24. 

12. 

Caleb  Burbank 

Ap.  23.  1826 

100. 

20. 

Elijah  Burbank 

Oct.  1.  1824 

" 

50. 

9. 

Joab  Bartlett 

May  18.  1821 

Note  &  Mort. 

1700. 

733.12 

208.50 

Gains  Bliss 

Sept.  27.  1824 

Note 

12.00 

2.88 

0.64 

Elijah  Boltwood 

Aug.  12.     " 

Bond 

600. 

60. 

60. 

Moses  Bond 

Aug.  7.  1819 

Note 

300. 

36. 

126. 

Gains  Bliss 

May  3.  1822 

" 

20. 

10.80 

1.20 

Eben'.  Child* 

Feb. 25. 1821 

Note  &  Mort. 

600. 

254. 

36.00 

54. 

Samuel  Clark 

Aug.  13. 1819 

Note 

100. 

Eben^  Clark 

May  23.  1825 

'• 

60. 

6. 

9.00 

3. 

Joseph  Cowls 

July  14.  1819 

100. 

54. 

Seth  Clark 

May  10. 1825 

43.46 

2.60 

5.20 

Abner  Cooley 

July  24. 1819 

" 

200. 

100.00 

Oliver  Cooley 

Jany.  23.  1826 

" 

233.70 

28.04 

Joseph  Cushman 

Aug.  1.       " 

" 

20.00 

2.40 

Charles  Cooley 

Jan.  23.     " 

■• 

73. 

8.86 

Joshua  Crosby 

May  23. 1825 

" 

80. 

18.00 

Church  &  Russell 

Ap.  9.  1828 

150. 

Trustees  of  Amherst  College 

"    1.1826 

Note  &  Mort. 

10000. 

1200. 

600. 

Do. 

Feb.  5.  1827 

Note 

559.83 

33.59 

33.69 

Do. 

Ap.l.      " 

300. 

18.00 

Do. 

"    "  1828 

300. 

Joseph  Carew 

Oct.  1.1824 

Bond 

100. 

18. 

6. 

Enos  &  Lucius  Dickinson 

Feb.  7.  1827 

Note 

500. 

30. 

30.00 

Samuel  Druce 

Jan.  29.  1821 

" 

53. 

22.28 

9.54 

3.18 

Moses  Dickinson  &  others 

Aug.  17. 1824 

Bond 

1000. 

240. 

180.00 

Lucinda  Dickinson 

July  13. 1819 

Note 

100. 

42. 

12. 

18694.99 

2959.62 

1162.47 

672.68 

Carried  Ovi 

[214] 


Names 

Date 

Security 

Sum 

Whole  Int. 
Paid 

Int.  pd. 
last  year 

Int.  due 
&  unpaid 

Amt.  Bro't  over. 

18694.99 

2959.62 

1162.47 

572.68 

Joseph  Estabrook 

Sept.  16.  1819 

Note 

1000. 

360. 

180. 

Jonathan  Eastman 

May  23. 1825 

100. 

18. 

26.40 

Jacob  Edson 

Ap.  1.  1824 

Note  &  Mort. 

275. 

66. 

Thomas  &  George  Fox 

Aug.  31.  1825 

"     &      " 

200. 

23. 

12.00 

12. 

EUsha  Fiske 

Jan.  29.  1821 

Note 

25. 

7.60 

6. 

Joseph  Field 

July  20.  1819 

200. 

108. 

Job  Goodale 

May  23. 1825 

150. 

15. 

18. 

P.  &  D.  Goddard 

Sept.  28. 1824 

50. 

12. 

Joseph  Goffe 

Oct.  1.        " 

50. 

9. 

6.00 

3. 

Salmon 

Feb. 14. 1823 

43.70 

13.11 

Rufus  Graves 

Mar.  10.  1827 

" 

212.70 

12.76 

George  Guild 

Aug.  12.  1824 

Bond 

150. 

27. 

9.00 

9. 

Erastus  Graves 

Mar.  23.  1826 

Note 

600. 

72. 

Do. 

July  23.  1827 

" 

80. 

Richard  Hunt 

Jan.  23.  1826 

25. 

3. 

3.00 

Joseph  C.  Heath 

Sept.  6.    1824 

Bond 

100. 

24. 

Warren  S.  Howland 

Aug.  12.     " 

" 

150. 

27. 

9.00 

9. 

Heman  Humphrey 

Oct.  4.        " 

" 

300. 

66. 

18.00 

18. 

Rufus  Hastings 

May  23.  1825 

Note 

50. 

9. 

John  Hooker 

Sept.  30. 1824 

Bond 

200. 

30. 

6. 

Jacob  Ide 

July  15.  1822 

Note 

50. 

3. 

15. 

Edmond  Longly 

"     19.  1819 

100. 

54. 

12.00 

John  Leland 

"     13.     " 

" 

150. 

81. 

9.00 

Joseph  Lyman 

Jan.  23.  1826 

" 

50. 

6. 

Hezekiah  Mattoon 

" 

50. 

6. 

Henry  Merrill 

Oct.  6.    1824 

" 

72. 

Leander  Merick 

Aug.  13.     " 

Bond 

200. 

24. 

24. 

Moses  &  David  Montague 

"     1.    1826 

Note 

100. 

12. 

6.00 

George  Macomber 

Nov.  6.      " 

Note  &  Mort. 

1050. 

89. 

89.00 

Calvin  MerriU  &  Son 

July  13.  1819 

Note 

300. 

72. 

90. 

Azor  Moody 

"     30.  1822 

300. 

126. 

18. 

Seth  Nilson 

Aug.  14.     " 

Note  &  Mort. 

1200. 

377.94 

Zebina  Newcomb 

May  23. 1825 

Note 

50. 

9. 

6. 

Samuel  Osgood 

Sept.  30. 1824 

Bond 

50. 

6. 

Alpheus  Osborn 

Mar.  23.  1826 

Note 

87. 

30. 

Asa  Orcutt 

"     12.  1827 

Note  &  Mort. 

800. 

48. 

Experience  Porter 

Nov.  1. 1822 

Note 

88. 

30. 

6.00 

Thomas  Parsons 

Sept.  8. 1819 
Oct.  6.  1824 

.. 

100. 

30. 

24. 
37.20 

Benja.  Page 

Aug.  6.  1819 

" 

100. 

48. 

12.00 

6. 

Sybil  Parmenter 

May  23.  1826 

" 

50. 

6. 

John  Rankins 

Sept.  30.  1824 

Bond 

100. 

24. 

24.00 

David  Richards 

"     29.     " 

Note 

50. 

9. 

Stephen  Rhodes 

Jany.30.1821 

50. 

3. 

18. 

26651.39 

4630.06 

1402.87 

1449.75 

[215] 


Whole  Int. 

Int.  paid 

Int.  due 

Names 

Date 

Security 

Sum 

Paid 

last  year 

&  unpaid 

Amt.  Bro't  up. 

26651.39 

4630.06 

1402.87 

1449.75 

Luke  Sweetser 

Sept.  6.  1824 

Bond 

200. 

36. 

12.00 

12. 

John  D.  Smith 

Oct.  1.      " 

" 

50. 

12. 

Moses  Smith 

May  24.  1821 

Note  &  Mort. 

400. 

168. 

24. 

Isaiah  Stetson 

Jan.  11.  1822 

"      &      " 

600. 

204.29 

36. 

36. 

Asa  Smith 

Aug.  12.  1826 

"      &      " 

400. 

48.00 

24.00 

Solomon  Strong 

May  23.  1825 

Note 

200. 

36. 

Selah  Severance 

Jan.  23.  1826 

" 

25. 

1.73 

Prince  Snow 

July  31.  1819 

33. 

4.00 

14. 

Orsa  Sheldon 

"      "       " 

25. 

13.00 

Thomas  Snow 

May  23.  1825 

" 

50. 

6. 

3. 

Consider  Scott 

July  21.  1819 

" 

25. 

3. 

10.50 

Martin  Thayer 

Aug.  21.  1824 

Bond 

200. 

24. 

24. 

I.  E.  Trask 

May  23.  1826 

Note 

500. 

60. 

Samuel  Taylor 

"      "    1825 

100. 

18. 

12.00 

Salem  Town  Jr. 

Nov.  21.  1822 

" 

500. 

60. 

150. 

Enoch  "Whiting 

Aug.  13.  1824 

Bond 

300. 

72. 

David  Wait  Jr. 

Ap.  9.  1828 

Note 

45.22 

Ephraim  Williams 

May  23.  1825 

" 

200. 

36. 

Eli  Wheelock 

Oct.  11.  1819 

" 

100. 

24. 

30. 

Samuel  Worcester 

Mar.  15.  1828 

Note  &  Mort. 

1000. 

Thomas  WilUams 

Jan.  2.    1821 

Note 

50. 

21. 

Leander  Merick 

Ap.  1.     1828 

Note  &  Mort. 

300. 

George  GuUd 

"     "       " 

"      &      " 

200. 

Of  the  sum  of  $321 

54.61,  is  secured 

by) 

32154.61 

5227.08 

1510.87 

Mortgage  of  real  as 
Residue  are  Notes 

tate 

••/ 

18725.00 

Int.  pd.  on 

&  Bonds  of  origi 
above 

nal  Donors 

13429.61 

notes  which 
have    since 

Making  a 

$32154.61 

been    taken 

up             & 

Morts.      of 

real     estate 

734.61 

Whole  amt.  of  Int.  pd.  last  year . 


Grantors. 
Elijah  Dickinson 


Moses  &  J.  S.  Dickinson 
Elijah  Boltwood 


Dr.  Rufus  Cowls 


Property  of  the  Fund  in  Real  Estate. 
Description  of  the  land. 
Nine  acres  on  which  the  College  Buildings  are  erected 
in  Amherst 

Three  and  a  half  acres  adjoining  the  above 
President's  house  lot  84i  Rods. 

Land  in  Maine  given  by  Dr.  Cowls  and  estimated  by  him 
at  $3000.  has  been  exchanged  for  land  in  Pelham  and  is 
probably  worth  about 

Ten  acres  of  woodland  in  Amherst 


Estimated 
Value 


1800. 
450. 


[216] 


Real  Estate 

Estimated  Value 

Grantors. 

Description 

Amt.  Bro't.  over 

3384.88 

David  Mack  Jr. 

50  acres  in  W                     ,  county  of  Berkshire 

333. 

Erastus  Graves 

Lot  in  Craftsburgh,  Vermont 

400. 

H.  W.  Taft 

15  acres  woodland  in  Sunderland 

130. 

Zebina  Dickinson\ 

Ninety-six  acres  of  land  in  Amherst,  farml 
formerly  owned  by  Seth  Smith                    / 

1830.84 

D.  Sheriff              / 

Z.  Dickinson,  Sheriff 

Dwelling  house  in  Amherst  formerly  owned  byl 
J.  E.  Strong,  i  acre  land                                      i 

2150. 

99.00 

Elijah  Nash 

1  acre  and  54  rods  in  Hadley  with  a  small  housel 
and  barn                                                                     f 

200. 

16.00 

Oliver  Smith 

The  Merrill  farm  (so  called)  in  Amherst  op-1 
posite  the  College,  64  acres                                  f 

1000. 

75.00 

John  Leiand 

The  house  formerly  owned  by  Dr.  Parsons  in\ 

2300. 

Amherst  with  llj  acres  of  land.                         / 

Wm.  L.  Sellon 

160  acres  in  Craftsburg,  Vt. 

500. 

Samuel  F.  Dickinson 

A  part  of  the  Coleman  place  in  Amherst  fori 
his  note  of  $1000.                                                  J 

250. 

12478.72 

190.00 

From  the  foregoing  statement  it  appears  that  of  the  original  Fund, 

there  is  at  this  time,  vested  in  real  estate 

$12478.72 

In  Notes  for  money  loaned  secured  by  Mortgage  of  real  estate 

18725.00 

Notes  &  Bonds  of  the  original  Donors 

13429.61 

$44633.33 

Interest  collected  the  year  ending  Aug.  1.  1828  on  notes  and 

Mortgages 2055.451 

$2245.45 

Rent     Real  estate                              Do.                                             190.0o/ 

The  Interest  and  Rents  of  the  past  year  have  been  appropriated  as  fol- 

lows. Viz:   Financiers  bill  for  the  two  last  years 

366.51 

Added  to  the  Principal  of  Fimrl               

300. 

Paid  from  bills  of  Char 

ty  Students 

1578.97 

2245.48 

The  amount  rec'd  on  Principal  of  Fund  the  past  year  is 

2170.28 

And  appropriated  as  follows.  Viz:   loaned  &  secured  by  Mortgage 

$510.82 

Paid  for  3J  acres  of  land  adjoining  the  college  Lot 

450.00 

Paid  toward  the  purchase  of  the  Parsons  house  &  lot 

1209.46 

2170.28 

All  which  is  Respectfully  submitted 
September  20^\  1828. 


Lucius  Boltwood,  Auditor 


[217] 


COLLEGE  INVESTMENTS 


August  1,  1875 

United  States  Bonds: 

Registered 

$102,500 

Coupon 

10,500 

Rail  Road  Bonds: 

Burlington  &  Missouri 

5,000 

Burlington  &  Missouri  in  Neb, 

14,000 

Burlington  &  Missouri  Land  grant 

4,500 

Chicago  &  Iowa 

5,000 

Cedar  Rapids  &  Mo. 

1,500 

Reading  &  Columbia 

20,000 

Omaha  &  South  Western 

1,000 

Detroit  Hillsdale  &  S.  Western  Scrip 

120 

Dixon,  Peoria  &  Hannibal 

4,500 

Detroit  &  Milwaukee 

4,275 

Lamoille  Valley  Montpelier 

100,000 

Michigan  Central 

2,000 

Mead  River  &  Lake  Erie 

4,000 

New  London  Northern 

3,000 

Rensselaer  &  Saratoga 

10,000 

Union  Pacific  Land  grant 

1,000 

City  Bonds: 

Brooklyn  Water  Loan 

10,000 

Chicago  Water  Loan 

5,000 

Holyoke  Town  Bond 

1,000 

Lawrence  City 

10,000 

State  Bonds: 

Tennessee 

2,000 

Virginia 

33,000 

Rail  Road  Stock: 

Boston  &  Albany 

7,700 

Boston  &  Lowell 

1,500 

Concord 

600 

[218] 

$113,000 


179,895 


26,000 


35,000 


Investments  —  August  1, 

1875  (continued; 

) 

Rail  Road  Stock  (continued): 

Fitchburg 

$  2,900 

Connecticut  River 

7,000 

Michigan  Central 
New  London  Northern 

1,300 
3,200 

Old  Colony  &  Newport 
Vermont  &  Canada 

6,100 
12,100 

Detroit  Hillsdale  &  S.  Western 

6,000 

$  48,400 

Bank  Stock: 

Boston  Eagle  Nat. 

4,300 

Boston  State  Nat. 

1,400 

Easthampton  First  Nat. 
Milford  Nat. 

14,000 
1,000 

Northampton  First  Nat, 
Randolph  Nat. 
Waltham  Nat. 

5,000 
4,000 
1,400 

Worcester  Mechanics  Nat. 

8,000 

39,100 

Manufacturing  Stocks: 

New  England  Glass  Co. 
Pepperell  Manufacturing  Co. 
Amoskeag  Manufacturing  Co. 
Bates  Manufacturing  Co. 

500 
1,500 
1,000 
1,700 

Everett  Mills 

3,500 

Hamilton  Woolen  Mills 

3,000 

Lawrence  Manufacturing  Co. 
Washington  Mills 
Cocheco  Manufacturing  Co. 
Lowell  Manufacturing  Co. 
Laconia  Manufacturing  Co. 

1,000 
8,000 
6,500 
1,380 
1,600 

Great  Falls  Manufacturing  Co. 

3,700 

Merrimac  Manufacturing  Co. 

3,000 

36,380 

Sundry  Stocks: 

Essex  Land  Co. 

1,450 

United  States  Hotel  Co. 

1,200 

2,650 

Notes  Receivable  ( 24  items ) 

69,720.36 

Real  Estate 

34,700 

Grand  Total 

$584,845.36 

Amount  of  Charity  Fund 

74,374.36 
[219] 

Investments  —  August  1,  1875  (continued) 


Summary: 

Real  Estate,   Productive 

( exclusive 

of  that  used  for  colh 

3ge 

purposes ) 

$  34,700 

United  States  Bonds 

113,000 

Rail  Road  Bonds 

179,895 

City  Bonds 

26,000 

State  Bonds 

35,000 

Rail  Road  Stock 

48,400 

Bank  Stock 

39,100 

Manufacturing  Stock 

36,380 

Sundry  Stocks 

2,650 

Notes  Receivable 

69,720.36 

Wm.  Reed's  Legacy 

not 

yet 

avail- 

able     $5,000 

$584,845.36 

Amount  of  Charity  Fund 

74,374.36 

(Amounts  presumably  represent  par  value) 


[220] 


COLLEGE  INVESTMENTS 

August  1,  1896 

Railroad  Bonds: 

Atchison,  Topeka  &  Santa  Fe, 

new  4s  $11,000.00 

Atchison,  Topeka  &  Santa  Fe, 

adj.  4s  5,500.00 
Burhngton  &  Mo.  River  in  Nebr. 

6s  16,932.00 

Cedar  Rapids  &  Mo.  River  7s  1,500.00 

Central  Washington  6s  997.50 

Chicago  &  Northwestern  5s  4,000.00 

Chicago  &  Northwestern  6s  17,000.00 

Chicago  &  Southwestern  7s  7,796.25 
Chicago,  Burhngton  &  Northern 

5s  1,500.00 

Chicago,  Burhngton  &  Quincy  7s  21,781.25 

Chicago,  Burhngton  &  Quincy  4s  25,000.00 
Chicago,  Burhngton  &  Quincy 

conv.  5s  1,000.00 
Chicago,  Ft.  Madison  &  Des 

Moines  5s  5,000.00 
Chicago,  Milwaukee  &  St.  Paul 

6s  10,000.00 
Chicago,  Milwaukee  &  St.  Paul 

7s  16,000.00 

Cleveland,  Loraine  &  Wheeling  5s  4,937.50 

Connecticut  River  4s  3,500.00 

Consolidated  of  Vermont  5s  4,000.00 

East  Tenn.,  Va.  &  Ga.  5s  9,872.50 
Houston  &  Texas  Central  ( West. 

Div.)5s  1,000.00 

Montana  Centi-al  5s  9,912.50 


[221 


Investments  —  August  1,  1896  (continued) 
Railroad  Bonds  ( continued ) : 

Nebraska  7s  $  5,000.00 
Northern  Pacific  Divd.  Script  3,060.00 
Ohio  &  West  Virginia  7s  8,000.00 
Ohio  River  5s  5,000.00 
Old  Colony  6s  4,000.00 
Oregon  Short  Line  6s  9,410.00 
Oregon  Short  Line  &  Utah  North- 
ern 5s  9,400.00 
Rensselaer  &  Saratoga  7s  10,000.00 
St.  Louis  Iron  Mt.  &  Southern  5s  4,800.00 
St.  Louis  Kansas  &  S.W.  6s  7,420.00 
St.  Paul  &  North.  Pacific  6s  2,035.00 
Scioto  Valley  &  New  Eng.  4s  7,707.50 
Southern  Pacific  6s  6,000.00 
Southern  Railway  5s  19,725.00 
Union  Pacific  5s  1,885.00 
Virginia  Midland  5s            ,  9,762.50       $291,434.50 


24,625.00 


State  Bonds: 

Arizona  5s 

5,125.00 

Tennessee  3s 

1,500.00 

Virginia  3s 

18,000.00 

City  Bonds: 

Boston  4s 

5,000.00 

Brookline  7s 

1,500.00 

Colorado  Springs  5s 

5,100.00 

Grand  Rapids 

15,450.00 

Water  Bonds: 

Amherst  Water  Co.  5s 

1,000.00 

Brockport  Water  Co.  5s 

4,925.00 

Clyde  Water  Co.  6s 

4,950.00 

Janesville  Water  Co.  5s 

995.00 

Lamed  Water  Co.  6s 

4,875.00 

Palmyra  Water  Co.  6s 

5,000.00 

Plattsmouth  Water  Co.  4s 

1,990.00 

Xenia  Water  Co.  6s 

1,990.00 

27,050.00 


25,725.00 


[222] 


Investments  —  August  1,  1896  ( continued ) 
Debenture  Bonds: 

Davidson  Investment  Co.  6s  $15,000.00 

Equitable  Securities  Co.  4s  44,400.00 

Globe  Investment  Co.  6s  5,000.00        $  64,400.00 


Miscellaneous  Bonds: 

Boston  United  Gas  Co. 

9,675.00 

Columbia  River  Paper  Co. 

15,000.00 

Columbus  ( Ohio )  Gas  Co. 

4,581.25 

Consolidated  Elevator  Co. 

19,800.00 

Kansas  City  Cable  Co. 

977.50 

N.Y.  &  Pa.  Tel.  and  Tel.  Co. 

21,000.00 

Ogdensburg  Car  Trust 

2,000.00 

Ogdensburg  Transit  Co. 

4,750.00 

Omaha  St.  R.R.  Co. 

4,912.50 

Saginaw  Union  St.  R.R.  Co. 

5,112.50 

Union  St.  R.R.  (Dover,  N.H.) 

9,750.00 

Watervliet  Turnpike  &  R.R.  Co. 

5,100.00 

Real  Estate: 

Boyden  House 

4,500.00 

College  Hall 

12,000.00 

Sears  Brattle  St.  Estate 

12,000.00 

Sears  Leverett  &  Barton  Sts.  Estate 

5,000.00 

Sterrett  House 

6,450.00 

Thompson  House 

1,200.00 

Blake  Field 

850.00 

Miscellaneous  Stocks: 

Erie  Teleg.  &  Teleph.  Co. 

1,000.00 

Essex  Land  Co. 

1,450.00 

First  National  Fire  Ins.  Co. 

4,085.00 

Hudson  River  Teleph.  Co. 

493.50 

New  Eng.  Teleg.  &  Teleph.  Co. 

901.00 

Plattsmouth  Water  Co.  32  shs 

0 

U.S.  Hotel  Co. 

3,000.00 

Western  Union  Teleg.  Co. 

2,745.00 

102,658.75 


42,000.00 


13,674.50 
[223] 


Investments  —  August  1,  1896  (continued) 

Rail  Road  Stocks: 

Atchison,  Topeka  &  Santa  Fe 

$  5,000.00 

Boston  &  Albany 

12,52L50 

Boston  &  Lowell 

1,500.00 

Central  Pacific 

9,140.00 

Chicago  &  N.W.  common 

6,760.75 

Chicago,  Burl.  &  Quincy 

16,753.75 

Concord  &  Montreal  ( Concord 

stock) 

1,200.00 

Connecticut  River 

7,300.00 

Detroit,  Hillsdale  &  S.W. 

3,000.00 

Fitchburg  Preferred 

4,800.00 

New  London  Northern 

3,200.00 

Northern  Pacific  Preferred 

10,011.00 

Old  Colony 

6,100.00 

Oregon  Short  Line  &  Utah  North. 

1,287.50 

Providence  &  Worcester 

7,000.00 

St.  Paul,  Minneapolis  &  Manitoba 

33,538.50 

Union  Pacific 

15,456.38       $144,569.38 

Bank  Stocks: 

Amherst  First  National 

600.00 

Boston  Atlas  National 

6,317.62 

Boston  Columbian  National 

3,317.50 

Boston  Eagle  National 

4,300.00 

Boston  Massachusetts  National 

3,031.50 

Boston  National  of  Republic 

7,037.50 

Boston  National  City 

5,403.12 

Boston  North  National 

1,063.00 

Boston  Shawmut  National 

6,162.50 

Boston  State  National 

7,651.25 

Boston  Webster  National 

227.00 

Chicago,  First  National 

33,000.00 

Easthampton  First  National 

14,000.00 

Milford  National 

1,000.00 

Northampton  National 

4,000.00 

Waltham  National 

1,400.00 

Worcester,  Mechanics  National 

8,000.00 

Worcester,  First  National 

5,950.00         112,460.99 

[224] 


Investments  —  August  1,  1896  (continued) 
Manufacturing  Stocks: 

AmoryMfg.Co.  $   300.00 

Amoskeag  Mfg.  Co.  1,000.00 

Bates  Mfg.  Co.  400.00 

Cocheco  Mfg.  Co.  6,500.00 

Everett  MUls  1,700.00 

Great  Falls  Mfg.  Co.  3,700.00 

Hamilton  Mills  3,700.00 

Laconia  Mfg.  Co.  1,600.00 

Lawrence  Mills  1,000.00 

Lowell  MHls  1,380.00 

Merrimac  Mfg.  Co.  3,000.00 

Pepperell  Mills  1,500.00     $     25,780.00 


Notes  Receivable  (38  items) 

403,700.26 

Savings  Bank: 

Amherst  Savings  Bank 

1,782.87 

Grand  Total 

$1,279,861.25 

Summary: 

Rail  Road  Bonds 

$291,434.50 

State  Bonds 

24,625.00 

City  Bonds 

27,050.00 

Water  Bonds 

25,725.00 

Debenture  Bonds 

64,400.00 

Miscellaneous  Bonds 

102,658.75 

*  Real  Estate 

42,000.00 

Miscellaneous  Stocks 

13,674.50 

Rail  Road  Stocks 

144,569.38 

Bank  Stocks 

112,460.99 

Manufactm-ing  Stocks 

25,780.00 

Notes  Receivable 

403,700.26 

Savings  Bank 

1,782.87 

$1,279,861.25 

*  Rentable  Real  Estate,  not  including  the  college  buildings  and 
land. 


[225 


COLLEGE  INVESTMENTS 

June  30,  1948 
( Including  Folger  Shakespeare  Memorial  Fund ) 


Government  Bonds 

Par  Value 

Book  Value 

$    700,000 

Dominion  of  Canada 

3 

1959-62 

$    689,750 

22,000 

U.S.  Treasury 

2Ys 

1955-60 

22,859 

75,000 

U.S.  Treasury 

2% 

1960-65 

76,134 

575,000 

U.S.  Treasury 

2 

1950-52 

582,813 

140,000 

U.S.  Treasury 

2}^ 

1952-54 

143,500 

200,000 

U.S.  Treasury 

2 

1952-54 

200,000 

250,000 

U.S.  Treasury 

2M 

1952-55 

251,093 

500,000 

U.S.  Treasury 

2M 

1956-59 

519,765 

275,000 

U.S.  Treasury 

2M 

1959-62 

275,000 

700,000 

U.S.  Treasury 

2% 

1959-62 

700,000 

175,000 

U.S.  Treasury 

2% 

1963-68 

175,000 

1,000,000 

U.S.  Treasury 

2)i 

1964-69 

1,030,076 

319,000 

U.S.  Treasury 

2)i 

1964-69 

325,807 

942,000 

U.S.  Treasury 

2M 

1967-72 

967,879 

1,100,000 

U.S.  Treasury  Series  G 
Total 

2y2 

1953-60 

1,100,000 
$7,059,676 

Railroad  Bonds 

$  80,000 

Atch.  Top.  &  S.F.  Reg. 

4 

1995 

$  75,113 

35,000 

Ateh.  Top.  &  S.F.  Cpn. 

4 

1995 

34,068 

50,000 

Ches.  &  Ohio  Gen. 

4}^ 

1992 

50,208 

82,000 

Chi.  &  W.  Ind.  Cons. 

4 

1952 

75,930 

10,000 

Hocking  Valley  1st  Reg. 

A'A 

1999 

9,918 

150,000 

Norfolk  &  Western 
Total 

Public  Utility 

4 
Bonds 

1996 

158,334 
$403,571 

$  33,800 

Am.  Tel.  &  Tel. 

2% 

1961 

$  34,542 

8,000 

Bell  Tel.  of  Can.  C 

5 

1960 

8,626 

[226] 

Par  Value 

$  58,000 

75,000 

115,000 

50,000 


Shs. 
50 


Shs. 
1,000 

100 
1,000 

500 

750 
3,400 
1,000 
1,000 


Shs. 

1,000 

500 

3,000 

1,062 

168 

250 

1,000 

700 

350 

814 

108 

1,000 

1,000 

1,500 

1,843 


Book  Value 

5 

1960 

$  61,305 

3M 

1966 

77,717 

5 

1952 

115,255 

4'A 

1977 

49,762 

Investments  —  June  30,  1948  ( continued ) 

Bell  Tel.  of  Pa.  C 
Detroit  Edison  G 
New  England  Tel.  &  Tel 
Rochester  G.  &  E.  "  D  " 

Total  $347,207 
Railroad  Preferred  Stocks 

Union  Pacific  4%  $     1,750 
Public  Utility  Preferred  Stocks 

Commonwealth  &  Southern  6%  $  98,608 

Electric  Power  &  Light  1%  15,325 

Narragansett  Electric  4)2%  54,124 

Northern  States  Power  ( Minn. )  3.60%  49,383 

Ohio  Power  4M%  81,005 

Pacific  Gas  &  Electric  6%  106,712 

Pacific  Tel.  &  Tel.  6%  138,316 

Union  Electric  of  Missouri  4^2%  105,500 

Total  $648,973 
Industrial  Preferred  Stocks 

American  Smelting  &  Refining  7%  $  123,850 

American  Snuff  6%  69,069 

Deere  &  Co.  7%  90,000 

E.  I.  duPont  de  Nemours  4M>  119,256 

Firestone  Tiie  &  Rubber  4M%  16,800 

Fisher  Bros.  5%  21,500 

General  Mills,  Inc.  5%  119,428 

General  Motors  5%  72,750 

W.  T.  Grant  S%%  35,000 

International  Harvester  7%  113,578 

P.Lorillard7%  14,702 

G.  C.  Murphy  41%  105,000 

Safeway  Stores  5%  100,966 

U.S.  Rubber  8%  220,600 

U.S.  Steel  7%  215,192 

Total  $1,437,691 

[227] 


Investments  —  June  30,  1948  ( continued ) 
Railroad  Common  Stocks 


Shs. 

Book  Value 

400 

Atch.  Top.  &  Santa  Fe 

$  51,375 

400 

Norfolk  &  Western 

30,340 

1,380 

Union  Pacific 

79,910 

100 

United  N.J.R.R.  &  Canal 

22,550 

Total 

$184,175 

Public  Utility  Common  Stocks 

Shs. 

2,009 

Am.  Tel.  &  Tel. 

$  286,509 

2,500 

Boston  Edison 

89,063 

1,200 

Cleveland  Elec.  Illuminating 

52,254 

2,000 

Commonwealth  Edison 

62,820 

1,000 

Cons.  G.E.  Lt.  &Pr.  of  Baltimore 

77,759 

2,340 

Cons.  Natural  Gas 

68,326 

2,700 

Dayton  Power  &  Light 

96,216 

500 

Duke  Power 

35,683 

4,000 

Houston  Lighting  &  Power 

126,234 

3,000 

Idaho  Power 

73,875 

2,000 

N.E.Tel.&Tel. 

227,078 

1,100 

Pacific  Gas  &  Elec. 

46,827 

100 

Pacific  Tel.  &  Tel. 

9,989 

Total 

$1,252,633 

Bank  Stocks 

Shs. 

1,548 

Bankers  Trust 

$105,870 

500 

Central  Hanover  Bank  &  Trust 

70,317 

1,870 

Chase  National  Bank  of  N.Y. 

132,973 

1,800 

Chemical  Bank  &  Trust 

103,302 

100 

First  National  Bank  of  Boston 

3,200 

60 

First  National  Bank  of  Chicago 

14,000 

9.9,9. 

Guaranty  Trust 

78,531 

Total 

$508,193 

Insurance  Stocks 

Shs. 

666 

Aetna 

$  29,443 

1,000 

Continental 

41,659 

[228] 

Investments  —  June  30,  1948  ( continued ) 


Shs. 

Book  Value 

600 

Hartford  Fiie 

$  40,281 

1,250 

Insurance  Co.  of  No.  America 

87,403 

Total 

$198,786 

Industrial  Common  Stocks 

Shs. 

450 

Aluminum  Co.  of  America 

$     26,719 

4,524 

American  Chicle 

165,056 

1,000 

American  Viscose 

47,242 

6,000 

Borden 

195,286 

2,000 

Caterpillar  Tractor 

114,849 

2,700 

Colgate-Palmolive-Peet 

134,235 

2,000 

Continental  Can 

112,671 

605 

duPont 

69,224 

8,370 

Eastman  Kodak 

231,696 

6,000 

General  Electric 

227,702 

5,000 

General  Mills,  Inc. 

138,741 

8,500 

General  Motors 

505,283 

1,100 

Gulf  Oil 

56,671 

7,000 

Hazel-Atlas  Glass 

140,700 

500 

Humble  Oil  &  Refining 

39,469 

10,000 

International  Nickel  of  Canada 

355,430 

2,600 

Kennecott  Copper 

96,489 

1,000 

S.  S.  Kresge 

25,675 

2,500 

S.  H.  Kress 

85,795 

1,550 

Liggett  &  Myers  Tobacco 

163,229 

3,000 

Ludlow  Mfg.  &  Sales 

19,3,500 

275 

Minnesota  Valley  Canning  "  B  " 

5,088 

2,000 

N.  J.  Zinc 

136,606 

6,000 

J.  C.  Penney 

196,395 

1,000 

R.  J.  Reynolds  Tobacco  B 

52,802 

1,714 

Scovill  Mfg. 

72,860 

6,000 

Sears  Roebuck 

126,487 

2,000 

Sherwin  Williams 

111,498 

32,600 

Socony-Vacuum 

542,150 

20,000 

Standard  Oil  of  Calif. 

680,944 

18,881 

Standard  Oil  (New  Jersey) 

693,550 

6,240 

Texas  Company 

326,826 

7,000 

Texas  Gulf  Sulphur 

310,614 
[229] 

Investments  -  ]une  30,  1948  (contini 

aed) 

Shs. 

Book  Value 

9,180 
14,710 
5,150 
3,000 
2,000 

Union  Carbide  &  Carbon 
United  Fruit 
United  Shoe  Machinery 
Westinghouse  Electi-ic 
F.  W.  Woolworth 

$   242,865 

480,777 

371,663 

73,441 

106,713 

Total 

$7,586,941 

Real  Estate 

53 

Parcels  Real  Estate  in  Amherst 
Real  Estate  Mortgages 

$629,909 

8 

1 

Mortgages  in  Amherst 
Mortgage  in  New  York 
Total 
:CURITIES  OWNED 

$145,749 

15,000 

$160,749 

TAL  SI 

$20,420,254 

[230] 


SUMMARY  OF  SALES  OF  SECURITIES 


FOLGER  FUND 

July  1,  1933-June  30,  1948 
Total  Book  Value       Total  Gain 


1933-34 
1934-35 
1935^6 
1936-37 
1937-38 
1938-39 
1939-40 
1940-41 
1941-42 
1942-43 
1943-44 
1944-45 
1945-46 
1946-47 
1947-48 


1,509,954 
239,642 

1,522,478 

1,876,821 
593,985 
318,783 
511,685 
403,145 
759,962 
364,253 
178,722 

1,005,391 
839,319 
310,302 
516,190 


272,597 

14,572 

337,642 

230,099 

12,843 

12,700 

7,511 

21,702 

8,614 

11,307 

1,676 

80,013 

153,091 

16,103 

9,750 


Total  Loss 
$  23,401 

81,054 

15,346 

3,276 

2,370 

2,805 

3,219 

5,310 

807 

32 

110 

1,248 

437 

109 


$10,950,632 

$1,190,220 

$139,524 

ALL  OTHER  FUNDS 

July  1,  1933-June  30,  1948 

Total  Book  Value 

Total  Gain 

Total  Loss 

1933-34 

$     712,846 

$     12,559 

$  21,907 

1934.^5 

774,761 

48,931 

49,043 

1935^6 

2,166,768 

143,446 

100,788 

1936-37 

3,066,074 

233,258 

77,029 

1937-38 

1,565,939 

102,437 

35,668 

1938-39 

845,776 

33,152 

18,779 

1939-40 

1,356,342 

34,523 

64,258 

1940-41 

1,136,290 

72,023 

80,031 

1941-42 

1,218,920 

23,343 

95,212 

1942-43 

618,703 

20,072 

119,260 

1943-44 

660,430 

16,189 

171 

1944-45 

1,086,291 

78,601 

33,935 

1945-46 

2,125,156 

410,745 

89,913 

194&-47 

1,572,395 

254,957 

1,325 

1947-48 

1,562,463 

46,638 

33,304 

$20,469,154 


$1,530,874 


$820,623 
[231 


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[233] 


SURPLUS  OR  DEFICIT  RECORD 

1899-1946 

ADMINISTRATION   OF    PRESIDENT  HARRIS 

1899-1912 


Surplus 

Deficit 

1899-00 

$   512.49 

1900-01 

1,075.49 

1901-02 

2,479.95 

1902-03 

8,204.32 

1903-04 

$1,563.26 

1904-05 

684.37 

1905-06 

10,440.35 

1906-07 

190.69 

1907-08 

102.77 

1908-09 

5,261.75 

1909-10 

947.03 

1910-11 

12,360.87 

1911-12 

18,488.40 

Net  Loss 

$47,292.98 

MINISTRATIC 

)N   OF   PRESIDENT   MEIKT.KJOHN 

1912-1923 

Surplus 

Deficit 

1912-13 

$35,620.12 

1913-14 

29,311.50 

1914-15 

32,910.00 

1915-16 

31,993.53 

1916-17 

29,924.41 

1917-18 

17,977.92 

1918-19 

8,992.33 

1919-20 

44,105.41 

1920-21 

81,734.27 

1921-22 

$4,102.63 

1922-23 

5,757.03 

Net  Loss 

$302,709.83 

[  234  ] 


ADMINISTRATION    OF    PRESIDENT   OLDS 

1923-1927 

Surplus 

Deficit 

1923-24 

1924-25 

$25,212.53 

$  9,508.78 

1925-26 
1926-27 

5,902.23 
13,515.88 

Net  Loss 

$  3,714.36 

ADMINISTRATION    OF    PRESIDENT   PEASE 

1927-1932 

Surplus  Deficit 

1927-28  $  2,828.57 

1928-29  9,067.33 

1929-30  $5,192.02 

1930-31  43,869.27 

1931-32  11,746.30 


Net  Surplus    $62,319.45 


ADMINISTRATION   OF   PRESIDENT   KING 


1932-1946 

Surplus 

Deficit 

1932-33 

$       1,101.60 

1933-34 

9,511.36 

1934-35 

43,919.67 

1935-36 

49,262.06 

1936-37 

124,649.90 

1937-^8 

112,244.89 

1938-39 

31,035.30 

1939-40 

28,375.80 

1940-41 

107,421.74 

1941-42 

140,352.81 

1942-43 

223,777.77 

1943-44 

161,686.79 

1944-45 

$89,988.74 

1945-46 

57,548.27 
$1,000,899.22 

Net  Surplus 

[235 


SUMMARY  OF  GIFTS  BY  ADMINISTRATIONS 


(The  figures  for  the  administrations  of  Presidents  Moore,  Humphrey,  Hitchcock, 
Stearns,  and  Seelye  are  taken  from  William  S.  Tyler's  History  of  Amherst  College, 
1895.  The  figures  for  the  administrations  of  Presidents  Gates,  Harris,  Meiklejohn. 
Olds,  Pease,  and  King  have  been  prepared  by  Treasurer  Paul  D.  Weathers.) 

Endoioment         Plant  Current      Centennial  Total 

Moore 

1821-23 

(a  $30,000  fund, 

of  which  only  a 

a  part  was  paid 

in) 
Humphrey 

1823-45  $      147,000 

Hitchcock 

1845-54  133,000 

Stearns 

1854-76  769,168 

Seelye 

1876-90  826,000 

Gates 

1890-99  $      371,052.19     $      60,077.60     $      21,361.20  462,490.99 

Harris 

1899-1912  668,129.65  245,481.38  61,441.37  976,052.40 

Meiklejohn 

1912-22  2,665,610.66  441,300.00  102,336.91      $2,967,378.39         6,166,625.96 

Olds 

1923-27  238,625.98  300,142.70  84,097.93  622,866.61 

•Pease 

1927-32  1.963,940.34  490,192.46  94,843.10  2,648,976.90 

•King 

1932-46  4,709,603.30  565,764.03  747,030.27  6,022,397.60 


Total  $10,606,962.12     $2,102,958.17     $1,111,110.78     $2,967,378.39     $18,663,677.46 

•Excluding  gifts  to  the  Folger  Fund. 


[  236  ] 


ALUMNI  FUND 

1906-1949 

Summary  of  Gifts  by  Years 

Year 

Number  of  Contributors 

Amount 

1906^ 

to 

$    139,441 

1920 

1921^ 

to 

[  Centennial  Gift                            4,044 

3,012,069 

1922 

1923 

1,043 

14,983 

1924 

1,367 

15,866 

1925 

1,586 

16,940 

1926 

2,236 

25,295 

1927 

2,465 

32,323 

1928 

2,577 

46,502 

1929 

2,758 

60,548 

1930 

2,693 

253,966 

1931 

2,768 

36,231 

1932 

2,524 

21,563 

1933 

2,440 

29,368 

1934 

2,716 

21,772 

1935 

2,646 

23,645 

1936 

2,788 

22,241 

1937 

2,972 

32,475 

1938 

3,173 

25,564 

1939 

3,269 

24,836 

1940 

3,152 

32,019 

1941 

3,324 

28,927 

1942 

3,056 

26,317 

1943 

2,909 

32,394 

1944 

2,975 

65,211 

1945 

3,400 

97,289 

1946 

3,504 

101,621 

1947 

to 

>  Second  Century  Fund                 4,741 

1,018,907 

1948 

1949 

3,653 

93,373 

$5,351,686 

[237] 

MEMBERS  OF  PRUDENTIAL  COMMITTEE 


Date  of 
Trustee  Meeting 

Appointments  by  Board 
to  Prudential  Committee 

April  1825 

Humphrey 
Strong 

Smith 

Graves 

Leland 

August  1825 

same 

August  23, 1826 

Humphrey 
Leland 

Smith 

Strong 
Howe 

August  20, 1827 

Humphrey 
Leland 

Smith 

Strong 
Taylor 

August  25, 1828 

same 

August  24, 1829 

Humphrey 
Strong 

Smith 

Williams 

Boltwood 

August  24, 1830 

Humphrey 
Strong 

Smith 

Taylor 
Boltwood 

August  23, 1831 

same 

238] 

Members  of  Prudential  Committee  (continued) 

Date  of 

Trustee  Meeting 

Appointments  by  Board 
to  Prudential  Committee 

August  21, 1832 

Humphrey 
Brown 

Strong 
Trask 

Boltwood 

August  26, 1833 

Humphrey 
Brown 

Vaill 

Calhoun 

Sweetser 

August  25, 1834 

Humphrey 
Brown 

Fiske 

Calhoun 

Sweetser 

August  24, 1835 

same 

August  22, 1836 

Humphrey 
Brown 

Fiske 

Mack 

Sweetser 

August  22, 1837 

same 

August  26, 1839 

Humphrey 
Vaill 

Mack 

Sweetser 

Grennell 

August  25, 1840 

same 

July  20, 1841 

same 

July  26, 1842 

same 

August  8, 1843 

same 

August  6, 1844 

same 

[239 


Members  of  Prudential  Committee  (continued) 


Date  of 
Trustee  Meeting 

Appointments  by  Board 
to  Prudential  Committee 

April  14, 1845 

Hitchcock 
Vaill 

Grennell 

Mack 

Sweetser 

August  11, 1846 

same 

August  10, 1847 

Hitchcock 
Vaill 

Williston 

Mack 

Sweetser 

August  8, 1848 

same 

August  7, 1849 

Hitchcock 

Mack 

Williston 

Sweetser 

Edw.  Dickinson 

August  6, 1850 

same 

August  11, 1851 

same 

August  10, 1852 

Hitchcock 
Williston 

Dickinson 

Sweetser 

Merriam 

August  8, 1853 

Hitchcock 
Vaill 

Williston 

Sweetser 

Dickinson 

August  7, 1854 

Acting  President 
Wniiston 

Morris 

Sweetser 

Dickinson 

[240] 


Members  of  Prudential  Committee  (continued) 

Date  of 
Trustee  Meeting 

Appointments  by  Board 
to  Prudential  Committee 

August  6, 1855 

Stearns 

Williston 

Vaill 

Sweetser 

Dickinson 

August  12, 1856 

same 

August  11, 1857 

same 

August  9, 1858 

Stearns 
Vaill 
Sweetser 
Dickinson 

August  8, 1859 

Stearns 

Vaill 

Williston 

Dickinson 

Sweetser 

August  6, 1860 

same 

July  8, 1861 

same 

July  7, 1862 

same 

July  6, 1863 

same 

July  11, 1864 

same 

July  10, 1865 

President 

Vaill 

Williston 

Dickinson 

Hills 

July  9, 1866 

President 

VaHl 

Williston 

Treasurer 

Hills 

July  8, 1867 


[241] 


Members  of  Prudential  Committee  ( continued ) 


Date  of 
Trustee  Meeting 

Appointments  by  Board 
to  Prudential  Committee 

July  11, 1870 

President 

Williston 

Dwight 
Treasurer 

Hills 

July  1871 

President 

Treasurer 

Williston 

Dwight 

July  1873 

President 

Treasurer 

Williston 

Dwight 

Spalding 

Prince 

(At  this  1873  meeting  the  President  and  Treasurer  were  voted 
members,  ex  officiis,  and  the  other  four  were  "  reelected,"  which 
establishes  the  1872  committee  as  the  same  as  1873) 

July  1874  same 

July  1875  Dwight 

Spalding 
Sawyer 
Prince 

(also  voted  that  three  members  constittite  a  quorum) 

July  1879  Pres.  and  Treas.,  ex  officiis 

Dwight 
Sawyer 
Prince 
Whiting 
[242] 


Members  of  Prudential  Committee  (continued) 


Date  of 

Trustee  Meeting 

Appointments  by  Board 
to  Prudential  Committee 

June  1882 

Pres.  and  Treas.,  ex  officiis 

Dwight 
Williston 

Prince 

June  1883 

same 

July  1884 

same 

June  1885 

Pres.  and  Treas,,  ex  officiis 

Dwight 

Whitcomb 

Williston 

1886 

Pres.  and  Treas.,  ex  officiis 

Dwight 
Whitcomb 

Strong 
Williston 

June  1887 

same 

June  1888 

same 

1889 

same 

June  1890 

same 

June  1891 

Pres.  and  Treas.,  ex  officiis 

Sanford 

Whitcomb 

Williston 

November  1893 

President 

Treasurer 

James,  D.  W. 

[243 


MEMBERS  OF  FINANCE  COMMITTEE 


From  Autumnal  Business  Meeting,  1873:  "Voted  — That  a  Com- 
mittee on  Finance  consisting  of  three  members  of  this  Board,  with 
the  President  in  addition,  be  appointed  every  year,  whose  duty 
shall  be  to  advise  and  direct  the  Treasurer  in  the  administration 
of  his  oflBce;  making  themselves  acquainted  with  the  financial 
condition  and  interests  of  the  Treasury  so  thoroughly,  that  the 
chances  of  loss,  if  not  rendered  impossible,  shall  be  reduced  to  a 


LJllUlll. 

Date  of 
Trustee  Meeting 

Appointinents  bij  Board 
to  Finance  Committee 

December  1, 1873 

Bullock 

Hardy 
Edwards 

July  1875 

same 

July  1879 

Bullock    ^ 

Edwards  I  reappointed 

Sanford 

July  1885 

Sanford 

Hyde 

Whitcomb 

June  1888 

Sanford 

Hyde 
Whitcomb 

Treas.,  ex  officio  as  well  as 

Pres. 

November  1888 

Hyde  resigned  and  Strong 
appointed 

June  1889 

Sanford 

Strong 
Whitcomb 

Treas.,  ex  officio 

[244] 


Members  of  Finance 

Date  of 
Trustee  Meeting 
June  1890 


June  1891 
June  1892 
November  1892 


Committee  (continued) 

Appointments  by  Board 

to  Finance  Committee 
Sanford 
Whitcomb 
Peet 
Pres.  and  Treas. 


Peet's  term  as  trustee  ex- 
pired and  D.  Wilhs  James 
was  appointed  to  Finance 
Committee 


May  1900 

Sanford 
Whitcomb 
James,  D.  W. 

May  1901 

same 

May  1902 

same 

May  1903 

same 

May  1904 

Sanford 
Whitcomb 
Pratt,  C.  M. 

May  1905 

same 

May  1906 

same 

May  1907 

same 

November  1907 

Whitcomb 
Pratt,  C.  M. 

James,  A.  C. 
Simpson 

December  1908 

same 

November  1909 

same 

November  1910 

same 

[245] 


Members  of  Finance  Committee  (continued) 


Date  of 
Trustee  Meeting 
November  1911 

Appointments  by  Board 

to  Finance  Committee 
same 

June  1912 

same 

November  1913 

same 

November  1914 

Simpson 
Pratt,  C.  M. 
James,  A.  C. 

November  1915 

same 

November  1916 

Simpson 
Pratt,  C.  M. 
James,  A.  C. 
Morrow 
Stearns,  F.  W. 

June  1917 

same 

November  1918 

same 

November  1919 

same 

September  1920 

Breed  appointed  to  fill  v£ 
cancy  caused  by  Simpson 
death 

November  1920 

Pratt,  C.  M. 
James,  A.  C. 
Morrow,  chairman 
Stearns,  F.  W. 

November  1921 

Morrow,  chairman 
James,  A.  C. 
Breed 
Pratt,  G.  D. 

October  1922 

James,  A.  C. 
Morrow,  chairman 
Stearns,  F.  W. 
Pratt,  G.  D. 
Breed 

[246] 


Members  of  Finance  Committee  (continued) 


Date  of 
Trustee  Meeting 
October  1923 

Appointments  by  Board 

to  Finance  Committee 
same  ( with  James  chair- 
man) 

October  1924 

same 

October  1925 

same 

October  1926 

same 

October  1927 

same 

October  1928 

Allen 

James,  chairman 

Morrow 

Pratt,  G.  D. 

Steams,  F.W. 

October  1929 

Coolidge 
James,  chairman 
Maynard 
Morrow 
Pratt,  G.  D. 

October  1930 

same 

October  1931 

Coolidge 
James,  A.  C. 
Maynard 
Pratt,  G.  D. 

October  1932 

Coolidge 

Eastman 

Esty 

James,  A.  C. 

Maynard,  chairman 

Pratt,  G.  D. 

October  1933 

Eastman 

Esty 

James,  A.  C. 

Maynard,  chairman 

Pierce 

[247] 


Members  of  Finance  Committee  (continued) 


Date  of 
Trustee  Meeting 
October  1934 

Appointments  by  Board 
to  Finance  Committee 
Eastman 
Esty 

James,  A.  C. 
Kingman 

Maynard,  chairman 
Pierce 

October  1935 

Douglas 
Eastman 
James,  A.  C. 
Kingman 

Maynard,  chairman 
Pierce 

October  1936 

same 

October  1937 

Douglas 
Eastman 
Kingman 
Maynard 
Pierce,  chairman 
Pratt,  H.  L. 

October  1938 

Bale 

Douglas 

Eastman 

Kingman 

Maynard 

Pierce,  chairman 

October  1939 

Bale 

Douglas 

Eastman 

Esty 

Kingman 

Pierce,  chairman 

[248] 


Members  of  Finance  Committee  (continued) 


Date  of 
Trustee  Meeting 

Appointments  by  Board 
to  Finance  Committee 

October  1940 

Bale 

Douglas 
Eastman 

Esty 

Maynard 
Pierce,  chairman 

October  1941 

Bale 

Douglas 
Eastman 

Esty 

Pierce,  chairman 

October  1942 

Bale 

Douglas 
Eastman 

Pierce,  chairman 
Thorp 

October  1943 

Bale 

Fales 

Kingman 
Pierce,  chairman 
Thorp 

October  1944 

Fales 

Francis 

Kingman 
Pierce,  chairman 
Thorp 

October  1945 

Fales 

Francis 

Kingman 
Pierce,  chairman 
Thorp 
Weathers 

[249 


Members  of  Finance  Committee  (continued) 


Date  of 

Appointments  by  Board 

Trustee  Meeting 

to  Finance  Committee 

October  1946 

Fales 

Gregory 

Kingman 

Pierce,  chairman 

Thorp 

Weathers 

October  1947 

Fales 

Gregory 

Kingman 

Pierce,  chairman 

Rugg 

Thorp 

Weathers 

October  1948 

Fales 

Gregory 

Kingman 

Pierce,  chairman 

Rugg 

Weathers 

[250] 


INDEX 


Accounting  System,  111-112,  163- 
164 

Alden,  Ebenezer,  55,  57 

AlHs,  Frederick  S.,  137,  141,  170, 
171,  182 

Alpha  Delta  Phi,  176,  183 

Alumni  Council,  137,  151 

Alumni  Fund,  13&-138,  141-142, 
143-144,  151,  189-190;  summary 
of  gifts.  237 

Alumni  of  New  York,  103 

American  Tel.  &  Tel.  Co.,  167-168 

Amherst  Bank,  8,  9,  17,  18,  19,  29 

Amherst  &  Belchertown  RaUroad,  8, 
55-56 

Amherst  Branch  Railroad,  54 

Amherst  Memorial  Fellowships,  130, 
140 

Amherst  Savings  Bank,  9,  76,  103, 
127,  153,  207 

Amherst,  Town  of.  Population  and 
industries  in  1821,  6,  7;  connec- 
tion with  outside  world,  7-8,  53- 
57 

Amherst  Water  Company,   146-147 

Amory  vs.  Trustees  Amherst  Col- 
lege, 46 

Amoskeag  Manufacturing  Company, 
58,  83 

Andrews,  Charles  A.,  83,  141,  153- 
155,  157-171,  204 

Appleton  Cabinet,  58 

Appleton  Mills,  58 

Appleton,  Samuel,  58 

Appraisal  of  Assets  in  1920,  138- 
139 

Armstrong,  Samuel  T.,  54 

Assets.  In  1948,  1-2;  1847,  42-43, 
48;  1872,  64;  1873,  35;  1875,  70- 


71,  74-75;   1882,  76-77,  81-82; 

1892,  94,  102-103;  1903,  112- 
113,  115;  1912,  124,  126-127;  ap- 
praisal of  in  1920,  138-139;  1924, 
142,  145-146;  1934;  distribution, 
166;  169;  1946,  174-175;  1933- 
48  summary,  232-233.  See  Re- 
ports 

Atcliison,  Topeka  &  Santa  Fe  Rail- 
road, 81 
Attorney-General,  11,  165 
Auditor's  Reports,  76 

Babbott,    Frank   L.,    131,    176-177, 

194 
Babbott,  Frank  L.,  Jr.,  130-131 
Bacon,  69 

Baker,  Newton  D.,  136 
Bale,  Frederick  S.,  161,  163 
Bankers  Trust  Company,  163 
Banks:  Amherst,  8-9,  17,  18,  19,  29; 
Amherst  Savings,  9,  76,  103,  127, 
153,  207;  First  National  of  Am- 
herst, 9,  76,   120,   129,   146-147; 
Northampton,     18,    20,    75,    82; 
Springfield     Safe     Deposit,     165; 
Sunderland,  8,  26,  29;  U.S.  Trust 
Company,  129;  suspension  of:  in 
1857,  59;  1861,  59-60;  1873,  67; 

1893,  103-104 
Baring  Bros.,  94,  103 
Baxter,  James  Phinney,  187 
Benson,  George  W.,  49 
Bianchi,  Madame,  180 
Bigelow  Carpet  Company,  127 
Bigelow,  William  P.,  182 
Billings,  Frederic,  96-97,  194 
Billings,  Parmly,  96-97 
Billings,  Richard,  97,  194 

[251] 


Biological  and  Geological  Mainte- 
nance Fund,  125 

Bishop,  James  L.,  101 

Bixler,  James  W.,  23 

Boltwood,  Lucius,  16-22 

Bond,  Thomas,  16 

Bonds:  Government,  1,  20,  60,  74- 
75,  83,  108-109,  168-169;  public 
utihty,  1,  169;  telephone,  103; 
Tennessee,  103;  Virginia,  64,  71- 
72,  103.  See  Reports  and  Assets 

Book  Value.  See  Market  Value 

Boston  &  Albany  Railroad,  55,  75, 
81,  121 

Boston  Athenaeum,  207 

Boston  &  Lowell  Raiboad,  73,  75, 
81 

Boston  &  Maine  Railroad,  73,  81, 
121 

Boston  &  Worcester  Railroad,  8,  55 

Boyden,  Frank  L.,  23 

Boyden,  Roland  W.,  45 

Brandeis,  Louis  D.,  122-124 

Brayton,  John  S.,  85 

Brook  Farm,  49 

Brown,  Bailey  LeF.,  170 

Budget,  25,  41-42,  48,  68-69,  73; 
surplus  or  deficit  by  administra- 
tions, 234-235 

Bullock,  Alexander  H.,  50-52,  58, 
67,  82,  84,  85 

Burgess,  John  W.,  98 

Butler,  Nicholas  Murray,  180 

By-laws,  28 

Cadigan  Fund,  181 

Calhoun,    William   B.,    19,    27,    54, 

55 
Canadian  National  Railroad,  56-57 
Carnegie,  Andrew,  125,  194 
Carnegie  Corporation,   137,  195 
Cartotto,  Ercole,  150 
Centennial  Gift,   136-138,   141-143, 

189-190,  200 
Central  Pacific  Railroad,  81 
Central    Vermont    Raihoad,    56-57, 

71 
Chandler,  Lester,  187 
Chapin,  Chester  W.,  81,  199 

[252] 


Charity  Fund,  5-6,  10-23,  35,  37, 
39,  70,  75,  141-142,  211-213, 
214-217 

Charter,  10,  26,  31-32 

Chase  National  Bank  of  New  York, 
134 

Chicago,  Burlington  &  Quincy  Rail- 
road, 81 

Chicago,  Milwaukee  &  St.  Paul  Rail- 
road, 81 

Chicago  &  Northwestern  Railroad, 
81 

Child,  Linus,  57-58 

Choate,  Joseph  H.,  101 

Church  Fund,  70 

City  Trust  Company,  120 

Class  of  1880  Professorship  of  Greek, 
150 

Class  of  1884  Gift,  132 

Cole,  Charles  W.,  101,  207 

Cole,  J.  Gerald,  164 

Colleges,  59 

Collins  Manufacturing  Company,  81 

Commissioner.  See  Financier 

Concord  Railroad,  81 

Conditional  Endowment  Fund,  143 

Connecticut  River  Railroad,  54,  73, 
81 

Consolidated  Funds,  76 

Consolidated  Railroad  of  Vermont, 
71 

Converse,  Edmund  C,  143,  194, 
195 

Converse,  James  B.,  143 

Converse  Memorial  Library,  130, 
143,  178 

Cooke,  Jay  &  Co.,  67 

Coolidge,  Calvin,  106,  138,  154-155, 
161 

Getting,  C.  U.,  73 

Cowls,  Rufus,  11-12 

Crane,  Edward  A.,  Library  Fund, 
125 

Crises.  See  Panics 

Cromwell,  William  Nelson,  196-197 

Crosby,  Judge,  46 

Crowell,  Edward  P.,  55 

Currier,  Edward  West,  Library 
Fund,  125,  196 


Custody  of  securities,  60,  83,  108, 
120 

Dana  Street  Property  Fund,  130 
Davenport,  John,  196 
Davidson  Investment  Company,  103 
Debts  of  College,  2,  26,  34,  35,  37- 

38,   39,  40-41,   70,   74,   76,   103, 

115 
Defalcation,  106,  107 
Deficit,  64,  106,  115,  124,  127,  129, 

140,  234-235 
Dickinson,     Edward,     35-65,     199, 

204 
Dickinson,  Emily,  35 
Dickinson,  Samuel  Fowler,   16,  35- 

36 
Dickinson,  William  Austin,  65,  66- 

105,  107,  180,  204 
Dickinson,  Mrs.  William  Austin,  107 
Dillon,  Sidney,  114 
Doshisha  University,  52 
Douglas,  Lewis  W.,   161,   162,   163 
Dow,  Fayette  B.,  186 
Durkan,  Rena  M.,  207 

Easthampton  Bank,  75,  82 

Eastman,  Clarence,  170 

Eastman,  Elizabeth,  185 

Eastman,  George,  128 

Eastman,  Joseph  B.,  122,  185;  Foun- 
dation, 185-186 

Eastman,  Lucius  R.,  106,  184-185 

Edwards,  Henry,  51,  57,  60,  62,  67, 
72,  82-84,  85,  161,  204 

Endovraient  Fimds:  Of  $100,000 
(1901),  113;  Special  #2,  113;  of 
1911,  126;  of  1918,  131-132,  134; 
Conditional,  143;  1933-48  sum- 
mary, 232-233 

Eno,  Amos  R.,  113-114,  196 

Equitable  Mortgage  Company,  103 

Erie  Raikoad,  103-104 

Esty,  Edward  T.,  161,  163 

Esty,  Thomas  C,  23 

Esty,  William  Cole,  62 

Evans,  William  D.,  135 

Everett,  Edward,  27 

Ewing,  William,  139 


Faculty  Club,  197-198 

Fau-banks,  Joseph  W.,  109,  110,  204 

Fales,  Frederick  S.,  173-174 

Fay,  Charles  R.,  108 

Fayerweather,  Daniel,  99-101,  194, 
196,  200 

Fellowships :  Amherst  Memorial, 
130-131,  140;  Field,  181;  Kel- 
logg, 85,  97-99;  Lay,  186;  Simp- 
son, 143 

Field,  Henry  P.,  63,  107,  151,  179- 
181,  188,  194,  196 

Field,  Thomas  P.,  63,  179 

Finance  Committee:  Established 
1873,  28;  Sears  suit,  45;  duties  of, 
57;  first  members  of,  57;  invest- 
ment policy  in  Civil  War,  60; 
duties  of  in  1873,  67;  report  of 
in  1875,  67-70;  communication 
from  New  York  alumni,  103;  rati- 
fying body  for  Whitcomb,  108; 
Pratt  succeeds  James,  111;  rela- 
tion with  Kidder,  112;  meets  in 
New  York,  119-120;  minutes 
kept,  120;  reformed  under  Simp- 
son, 120;  127;  borrowing  1913- 
19,  129;  133;  Pratt  and  Coolidge 
added,  138;  Report  of  1924, 
141-142;  1932,  159;  changes  in 
membership,  161;  meetings  in 
1930's,  161-162;  Folger  Fund, 
167;  changes  in  membership  in 
1940's,  173;  204;  list  of  members, 
244-250 

Financier  (Commissioner),  10-11, 
21 

Fires,  12,  77 

First  National  Bank  of  Amherst,  9, 
76,  120,  129,  14&-147 

First  National  Bank  of  Chicago,  97, 
127 

Fitch,  Clyde,  125-126 

Fitch,  William  C,  125-126 

Fitchburg  Raikoad,  75,  81 

Folger  Committee,  153 

Folger  Fund,  112,  164-166,  167. 
231 

Folger,  Henry  Clay,  88,  91-92,  151, 
166,  194,  i96,  202 

[253] 


Folger,  Mrs.  Henry  Clay,  151,  152- 

153,  164-166,  194,  196 
Folger  Professorships,  152 
Folger  Shakespeare  Library,  2,  151- 

153,  164-166 
Foster,  Alfred  D.,  19 
Francis,  Clarence,  173,  174 

Gains   and   Losses,    140,    191,   231, 

232-233,  234-235 
Garrison,  William  Lloyd,  49 
Gates,  Merrill  E.,  104,  106,  109,  200 
Gaylord  Fund,  123 
General  Education  Board,  126,  137, 

194 
Genung,  John  F.,  128 
Gift  Summaries,  60,  137,  190,  236, 

237 
Giles,  Joel,  77 
Golf,  184 
Gould,  Jay,  132 
Grants.  See  Legislature 
Graves,  Rufus,  16,  21,  28,  30,  32, 

36 
Gray,  John  Chipman,  45 
Gray,  William,  30,  32 
Great  Northern  Iron  Ore  Certificates, 

139 
Great  Northern  Raikoad,  127,  139 
Green,    Samuel,    Professorsliip,    60, 

62-64 
Greenfield  &  Northampton  Railroad, 

8,  54 
Gregory,  Richard  H.,  173,  174 
Grennell,  George,  16-18 

Hadley,  Arthur  T.,  123 
Halligan,  Howard  A.,  139,  144 
Hamilton,  Alexander,  33 
Hamilton   Manufacturing  Company, 

40,  48,  58,  82 
Hammond,  John  C.  and  L.  C,  102 
Hammond,  Thomas  J.,  23 
Hampshire   and   Franklin    Railroad, 

53 
Hardy,  Alpheus,  45,  52,  56,  58,  60, 

62,  67,  82,  85,  161 
Harkness,  Edward  S.,  151,  152-153, 

194 

[254] 


Harkness  graves,  151,  153 

Harris,  George,  99,   109,   128,   129, 

200 
Harvard  College,  27,  83 
Hasbrouk,  Isaac  E.,  111-112 
Hawley,  Fred,  207 
Hayden,  Joel,  47,  49 
Hersey,  Ira  G.,  138-139 
Hitchcock,  Dr.  Edward,  97,  109,  200 
Hitchcock,    President    Edward,    14, 

26,  27-28,  34,  40-43,  55,  57,  63, 

134,  198-199 
Hitchcock  Endowment  for  Scholar- 
ships  and  Kindred  Purposes,  47, 

73 
Hitchcock,  Margaret,  182 
Hitchcock    Memorial     Room,     151, 

188,  207 
Hitchcock,    Roswell    Dwight,    100, 

200 
Hitchcock,    Samuel   A.,   40,   47-48, 

71-72,  193 
Hobbs,  65 
Hopkins,  John,  26 
Hopkins,  Mark,  27 
Howland,  Walter  Morton,  110-111, 

204 
Humphrey,  Heman,  17,  26,  28,  32, 

33,  39,  41,  198 
Hyde,  Henry,  63,  85,  87,  102 

I-Keep-ihe-Income.  First  gift  under, 
38;  Stone  Scholarship  Fund,  78 

Income  Reserve  Fund,  202 

Investment  PoUcy,  12-21,  19-20, 
54-56,  57,  60,  108-109,  145,  166- 
168,  191 

Ives,  Phihp  T.,  99 

James,  Arthur  Curtiss,  89,  117-118, 

126,  127,  128,  129,  132,  138,  161, 
182,  183-184,  194,  195 

James,  D.  Willis,  78,  87-88,  89,  94, 
106,  108,  111,  113,  117,  125,  126, 

127,  194,  195,  199 
James,  Mrs.  D.  Willis,  126 

James    Foundation,    Inc.,    183-184, 

194 
Jameson,  John  Franklin,  128 


Johnson,  Adam,  194 
Johnson,  Herbert  G.,  164 

Kellogg  Fellowship,  85,  97-99 

Kellogg  Prize,  85,  97 

Kellogg,  Rufus  Bela,  84-85,  97-99, 

127 
Kennedy,  John  S.,  126,  194,  196 
Keyes,  L.  A.,  139,  207 
Kidder,    Harry    Welton,    100,    110, 

111,  112,  117-156,  204 
Kilenyi,  Olga,  178-179 
King,  Margaret  Pinckney,  207 
King,    Stanley,    136,    137-138,    141, 

146-148,  149,  153,  158,  178,  187, 

202-203 
Kingman,  Henry  S.,  161,  162,  163, 

173,  207 
Kirby,  EUwood  R.,  194 

Labor  Conditions  in  1820's,  4 

Lamoille  Valley  Raikoad,  72-73,  81 

Land:  Maine,  Vermont,  Pelham, 
Sunderland,  Amherst,  11-12; 
Michigan,  17-18;  Sears  gift,  44- 
46;  Bensonville,  48-50 

Lawrence,  Abbott,  162 

Lay,  Edward  P.,  186 

Lay,  Mr.  and  Mrs.  Frank  M.,  186 

Legislatiire.  Election  of  trustees,  26; 
appeal  for  aid  in  1827,  26-27; 
1831,  1837,  1846,  1849,  27;  ap- 
peal of  Wilhams  in  1837,  1839, 
1842,  1849,  27;  appeal  of  Harvard 
in  1849,  27;  grant  in  1847,  27, 
40;  in  1859,  27;  in  1863,  27-28; 
opposition  to  charter,  31-32 

Leland,  John,  2,  11,  21,  24-34,  54, 
204 

Liberia,  3 

Lincoln,  Rufus  Tyler,  Professorship, 
131 

Little  Red  Schoolhouse,  150,  181 

Lord  Jeffery  Inn,  177 

Lybrand,  Ross  Bros.  &  Montgomery, 
2,  163-164 

McBee,  Alice  E.,  48-50 
McCloy,  John  J.,  187 


McFarland  Loan,  17-19 

McGraw,  Thomas  H.,  77-78,  82,  102 

McKibben,  James  A.,  184 

Mack,  David,  17 

Manchester  Print  Works,  58 

Manthey-Zorn,  Otto,  207 

Market   Value   vs.    Book    Value,    1, 

139,  191-192,  232-233 
Marsh,  Edward  Baxter,  107 
Mason,  Jeremiah,  12 
Massachusetts  Central  Railroad,  8 
Massachusetts   Manufacturing  Com- 
pany, 58 
Mather,  Richard,  97 
Maynard,  Robert  W.,  148,  159,  163, 

173,  204,  207 
Mead,  Wilham  R.,   143,   149,   177- 

179,  194,  196 
Meiklejohn,      Alexander,      12S-130, 

137-138,  140,  141,  200-201 
Mellen,  Charles  S.,  121,  122 
Merrill,  Charles  E.,  186-187,  194 
Merrill,  James,  187 
Merrill  Lynch  &  Co.,  187 
Merrill  Oldham  &  Co.,  157 
Merrill,  Oliver  B.,  Jr.,  196 
Merrimac  Manufacturing  Company, 

58,  83,  127 
Milliken,  Arthur  N.,   150,  151,   179, 

195 
Monroe,  James,  2,  3 
Montague,  Gilbert,  186 
Moody,  Ambert  G.,  23 
Moore  Beneficiary  Fund,  60,  61,  195 
Moore,  WiUiam  H.,  113,  126,  148- 

149,  194 

Moore,  Mrs.  William  H.,  113,  148- 

150,  194 

Moore,    Zephaniah    Swdft,    26,    61, 

194-195,   198 
Morgan,  Charles  Hill,  179 
Morgan,  Henry,  194,  196 
Morgan,  J.  P.,  121,  122 
Morgan,  J.  P.  &  Co.,  112,  132,  134, 

136,  138,  139,  141,  207 
Morgan,  Robert  S.,  207 
Morrow,  Dwight  W.,  106,  112,  121, 

128,  132,  133-137,  138-139,  141- 

142,  143,  144,  146,  147,  148,  153, 

[255] 


158,    167-168,    178,     194,     195, 

204 
Morrow,  Jay,  135,  147 
Morse,     Anson     D.,     Professorship, 

148 
Mortgage  Loans,  48,  49,  50,  84.  See 

also  Charity  Fund 
Mount  Holyoke  Railroad,  53 

Napoleon,  31 

National  Shawmut  Bank,  162 
Neesima,  Joseph  Hardy,  52 
Nelson,  Frank  G.,  196,  197-198 
New  England  Glass  Company,  71 
New  Haven  Railroad,  93,  121-124 
New  London  Northern  Railroad,  8, 

56,  75,  81 
Newton,  John  C,  97 
Norcross,  Alfred,  70 
Norcross  family,  66 
Northampton  Association  of  Educa- 
tion and  Industry,  48-49 
Northampton  Bank,  18,  20,  75,  82 
Northampton  &  Springfield  Railroad, 

8,  53-54 
Northern   Pacific    Railroad,    67,   97, 

127 
Norton,  Fred  L.,  184 
Notes  Receivable,  75;  McGraw,  82, 
102;  A.  E.  Abbott,  82,  101-102; 
John  C.  and  L.  D.  Hammond, 
102;  R.  H.  Stearns  &  Co.,  102. 
See  Reports 

Ohio  Life  &  Trust  Company,  59 
Old  Colony  Raikoad,  81,  123 
Old  Colony  Trust  Company,  120 
Oldham,  John  E.,  122,  138,  139,  207 
Olds,  George  D.,  109,  128,  130,  135, 

140,  141,  201 
One     Hundred     Thousand     Dollar 

Fund,  38 
Overseers,  10,  11,  12,  22-23 

Palmer,  D.  W.,  107 

Panics:    1819,    3-4;    1837,    33,    37; 

1857,    59;    1861,    59;    1873,    67; 

1884,  94;  1893,  103-104 

[2561 


Pease,  Arthur  Stanley,  140,  141,  151, 
153,  201-202 

Peckham,  William  C,  90-91 

Pension  Plan,  169-170 

Pepperell  Manufacturing  Company, 
127 

Pere  Marquette  Railroad,  134 

Perkins,  Jonathan  C,  27,  56 

Personal  Loans,  20,  21 

Philadelphia  &  Reading  Railroad, 
103-104 

Pierce,  George  E.,  160-161,  162, 
163,  165,  172,  204,  207 

Piper,  Henry  A.,  65,  76 

Plato,  69 

Plimpton,  George  A.,  87-89,  109, 
118,  120,  125,  126,  128,  132,  133, 
141,  148,  149,  151,  152,  153,  178, 
194,  200,  201 

Population,  3,  6 

Porter,  WiUiam  H.,  132 

Portland  &  Ogdensburg  Railroad,  72 

Pratt  Brothers,  114-115,  126,  132, 
194,  200 

Pratt,  Charles,  90-91 

Pratt,  Charles  M.,  87-88,  89-93, 
106,  108,  111,  113,  118,  121,  123, 
124,  125,  128,  133,  138,  184.  See 
Pratt  Brothers 

Pratt,  Frederic  B.,  90.  See  Pratt 
Brothers 

Pratt,  George  D.,  114-115,  138,  150, 
161,  184.  See  Pratt  Brothers 

Pratt  Gymnasium,  93,  103 

Pratt,  Harold  I.  See  Pratt  Brothers 

Pratt  Health  Cottage,  114-115 

Pratt,  Herbert  L.,  106,  114-115,  157. 
See  Pratt  Brothers 

Pratt,  John  T.,  114-115,  122.  See 
Pratt  Brothers 

Pratt,  Lydia  Richardson,  131,  177 

Pratt,  Richardson,  207 

Professorsliips:  Astronomy  (Dillon), 
114;  (Walker),  27,  60,  61;  BibU- 
cal  Literature  (Green),  60,  62- 
64;  Biology  (Lincoln),  131; 
(Stone),  78;  Chemistry  (Massa- 
chusetts), 40;  Cromwell,  196- 
197;    Eastman,   Joseph   B.,    185- 


186;  Economics  (Olds),  130;  Eng- 
lish (Babbott),  176;  ( Williston ) , 
40,  56;  Fine  Arts  (Mead),  178; 
Folger,  152;  Geology  (Hitch- 
cock), 40;  Greek  (Glass  of  1880), 
150;  (Graves),  40;  (Newton), 
97;  Harkness,  151-152;  History 
(Winkley),  96;  History  (Morse), 
148;  Hygiene  (BilHngs),  96-97; 
Mathematics  (Walker),  60,  61- 
62;  Philosophy  (McGraw),  77-78 

Providence  &  Worcester  Railroad, 
123 

Prudential  Committee,  17;  election 
of,  1825,  28;  duties  of,  28;  dis- 
continued, 1896,  28;  membership 
of,  1825,  28;  authority  to  borrow, 
1834,  37,  38,  42;  investment  in 
Amherst  &  Belchertown  Railroad, 
55;  purchase  of  New  London 
Northern  bonds,  56;  204;  hst  of 
members,  238-243 

Psi  Upsilon,  180,  181 

Raih-oads,  8,  53-57,  94;  bonds,  169; 
Amherst  &  Belchertown,  8,  55-56; 
Amherst  Branch,  54;  Atchison, 
81;  Boston  &  Albany,  55,  75,  81, 
121;  Boston  &  LoweU,  73,  75,  81; 
Boston  &  Maine,  73,  81,  121;  Bos- 
ton &  Worcester,  8,  55;  Burling- 
ton, 81;  Canadian  National,  56- 
57;  Central  Pacific,  81;  Central 
Vermont,  56-57,  71;  Concord,  81; 
Connecticut  River,  54,  73,  81; 
ConsoHdated  of  Vermont,  71; 
Erie,  103-104;  Fitchburg,  75,  81; 
Great  Northern,  127,  139;  Green- 
field &  Northampton,  8,  54; 
Hampshire  &  Franklin,  53;  La- 
moille Valley,  72-73,  81;  Massa- 
chusetts Central,  8;  Milwaukee, 
81;  Mount  Holyoke,  53;  New 
Haven,  93,  121-124;  New  Lon- 
don Northern,  8,  56,  75,  81;  North- 
ampton &  Springfield,  8,  53,  54; 
Northern  Pacific,  67,  97,  127; 
Northwestern,  81;  Old  Colony,  81, 
123;  Pere  Marquette,  134;  Phila- 


delphia &  Reading,  103-104; 
Portland  &  Ogdensburg,  72;  Prov- 
idence &  Worcester,  123;  St. 
Johnsbury  &  Lake  Champlain,  73, 
81;  Union  Pacific,  81;  Vermont  & 
Canada,  71,  81;  Western  Rail- 
road, 8 

Randolph  Bank,  38,  75 

Reports:  1822,  211-213;  1828,  13- 
14,  214-217;  1839,  15-16;  1840, 
18-19;  1875,  70,  218-220;  1896, 
221-225;  1912,  124-127;  Oldham 
Committee,  139;  1924,  141-142; 
1948,  226-230.  Also  75-77,  81, 
111,  115.  See  Assets 

Research  Corporation,  195 

Rhees,  Rush,  128 

Rhodes,  Marcus  A.,  86,  207 

Robbins,  Wilford  L.,  134 

Robinson,  Edwin  B.,  23 

Rockefeller  Foundation,  194,  195 

Rogerson,  C.  M.,  45 

Root,  Elihu,  101 

Ropes,  Gray,  Boyden  &  Perkins,  45 

Rugg,  Arthur  P.,  46 

Rugg,  Charles  B.,  45 

Russia  in  1821,  3 

Sage,  Margaret  Olivia,  132,  140, 
194,  196,  201 

Sage,  Russell,  132-133 

St.  Johnsbury  &  Lake  Champlain 
Railroad,  73,  81 

Salaries,  21,  22,  24,  25,  37,  38,  39. 
41,  57,  61,  70,  94,  148 

Salary  Fund  (1911  Endowment), 
126 

Sanford,  John  E.,  82,  84,  85,  86,  87, 
89,  106,  108,  111,  117 

Sargent,  William  A.,  182,  194,  196 

Scandrett,  Richard  B.,  207 

Schermerhorn,  Horace,  162-163 

SchifF,  Mortimer  L.,  125,  126,  194 

Scholarship  Funds,  76 

Sears,  David,  39,  40,  43^4,  193 

Sears,  David,  Jr.,  44-45 

Sears  Fund  of  Literature  and  Benev- 
olence, 39,  40,  44;  land  on  Lever- 
ett    and    Barton    Streets,    Boston, 

[257] 


44-46;  land  on  Brattle  Street,  44- 
46;  use  of  income,  44-46,  48;  de- 
mand of  income  by  David,  Jr., 
44—45;  demand  of  income  in  1909, 
and  suit,  45-46;  debt  to,  1875, 
70;  demand  of  income,  73-74; 
Finance  Committee  retains  coun- 
sel, 121 

Second  Century  Fund,  190 

Seelye  Fund,  94 

Seelye,  L.  Clark,  75 

Seelye,  JuHus  H.,  75,  78-79,  81;  95- 
96,  199-200 

Seligman,  Eustace,  196 

Sewall,  Richard  B.,  131 

Silk  Culture,  48-49 

Simpson,  Jean,  143 

Simpson,  John  W.,  113,  117-121, 
125,  132,  134,  136,  194,  204 

Simpson,  Mrs.  John  W.,  119,  143 

Smith,  Frederick  Pitkin,  137 

Smith,  Hannah,  114 

Smith,  James  Kellum,  179 

Smith,  Nathaniel,  28,  29-30 

Smith,  Wintlirop  H.,  187 

Snell,  Ebenezer,  53 

Snell,  Thomas,  16 

Socony-Vacuum  Company,  1 

Soule,  Sherrod,  180 

Sources  of  gifts,  bequests,  194-195 

Sparks,  President,  27 

Springfield  Safe  Deposit  &  Trust 
Company,  1,  165 

Standard  Oil  Company,  1,  93,  164- 
165,  194 

Stark  Mills.  58 

Steamship  Central  America,  59 

Stearns,  Alfred  E.,  128 

Stearns,  Frank  W.,  102,  139 

Stearns,  R.  H.  &  Company,  102 

Stearns,  WiUiam  A.,  45,  57,  62,  68, 
199 

Stevens,  Harold  W.,  184 

Stimson,  Caleb,  64 

Stimson  Fund,  60,  70 

Stock  Exchanges,  59,  67 

Stone,  Daniel  P.,  79 

Stone,  Harlan  Fiske,  128,  196 

Stone,  Mrs.  Valeria  C,  78-80 

[258] 


Strong,  H.  W.,  16 

Strong,  Lewis,  28-29 

Suffolk  Manufacturing  Company,  58 

Sunderland  Bank,  8,  26,  29 

Supreme  Judicial  Court,  45,  63-64, 

194 
Sweetser,  Luke,  17,  18,  21,  22,  53, 

54,  55 

Tappan,  John,  54,  62-63 

Taylor,  George  R.,  207 

Telephone    bonds    and    stock,    167- 

168 
Tennessee  bonds,  103 
Textiles,  58-59,  82,  103,  127,   133; 
Amoskeag,  58,  S3;  Appleton,  58; 
Bigelow    Carpet,    127;    Hamilton 
Manufacturing    Co.,    40,    48,    58, 
82;  Manchester  Print  Works,  58; 
Massachusetts  Manufacturing  Co., 
58;  Merrimac,  58,  83,   127;  Pep- 
perell,  127;  Stark  Mills,  58;  Suf- 
folk, 58;  Washington  Mills,  82 
Thirty  Thousand  Dollar  Fund,  25 
Thompson,  Frederic  L.,  148 
Thorp,  Willard  L.,  173,  174 
Todd,  Mrs.  Mabel  Loomis,  66 
Trask,  Israel  E.,  33 
Travel  in  the  1820's,  5,  7,  8 
Treasurer.  As  Financier  of  Charity 
Fund,  10-11;  salary  increase,  57; 
duties    defined,    60;    comment    of 
Finance  Committee  in  1875,  68; 
duties  defined  in  1875,  68-69 
Treasurer's  Report.  See  Reports 
Trustees.    Responsible    for    Charity 
Fund,  10;  Hitchcock's  opinion  on 
their  early  use  of  Charity  Fund, 
14;    election    by    legislature,    26; 
207.  See  Investment  Policy 
Tuition.  In  1821,  25;  comparison  in 

1875,  74 
Turner,  Isabel,  181 
Turner,  James,  150-151,  181,  195 
Turner    Library    in    South    College, 

150 
Turner,  Wilham  J.,  181,  182 
Tyler,  Caroline,  131 
Tyler,  John  Mason,  109 


Tyler,  Mason  W.,  115,  194 
Tyler,  Wellington  H.,  131 
Tyler,  William  S.,  115,  131 
Tyler,  William  S.,  Memorial  Fund, 
115 

Union  Club  of  Boston,  161-162 
Union  Pacific  Railroad,  81 
Union  Safe  Deposit  Company,  83 
United   Shoe   Machinery  Company, 

168 
United  States  Bank,  3,  37 
United  States  Hotel,  82,  83 
United  States  Trust  Company,   129 

VaiU,  Joseph,  19,  26,  38-39,  50 
Valentine  Hall,  196 
Valentine,  Samuel  H.,  194,  196 
Vermont  &  Canada  Railroad,  71,  81 
Virginia  Bonds,  64,  71-72,  103 

Walker,  Francis  A.,  87 

Walker  Hall  Fire,  77 

Walker  Instructorship  in  Mathe- 
matics, 60,  61 

Walker  Professorship  of  Mathematics 
and  Astronomy,  27,  60,  61 

Walker,  William  J.,  58,  61-62,  71, 
193,  195 

Walker,  WUliston,  138 

Ward,  Francis,  138 

Washington  Mills,  82 

Weathers,  Niel  A.,  158-159,  172 

Weathers,  Paul  D.,  1-2,  23,  172- 
192,  204,  207 

Webster,  Daniel,  12 

Webster,  Noah,  7 


Welhnan,  Arthur  H.,  45,  121 
Western      Construction      Company, 

102 
Western  Railroad,  8 
Whicher,  George  F.,  176 
Whitcomb,  Ernest  M.,  23,  87,  137, 

146-147,  207 
Whitcomb,  George  Henry,  85,  86- 

87,   89,   94,   101-102,   104,   106- 

109,  111,  117,  118,  120,  133,  137, 

204 
White,  Everett  Alonzo,  184 
Whitridge,  Frederick  W.,  126 
Wiggins,  Elmer  W.,  184 
Wilder,  S.  V.  S.,  30-33 
WUlcox,  Walter  F.,  80-81,  207 
WiUcox,  Wilham  H.,  78-80 
Williams  College,  27 
Williams,  Talcott,  143 
Williston     Contingent     Fund,     64, 

102 
Williston  Mill,  101-102 
WiUiston,  Samuel,  40,  46-47,  48,  49, 

50,  51,  56,  57,  60,  64,  75,  77,  82, 

85,  101,  102,  193,  195 
Wilson,  Eugene  S.  137-138 
Winkley,  Henry,  95-96,  195 
Woodbridge,  Frederick  J.  E.,   128, 

146,  158,  182 
Woods  Cabinet,  41,  176 
Worcester  Bank,  75,  82 
Worcester,  James  N.,  188-189 
Working  Capital  Fund,  202 
Wright,  Frank,  186 
WyckofF,  Peter  B.  and  Cora,  114 

Yield,  74-75,  76,  169,  232-233 


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